Your Money Minute Small Biz Tariff Struggles 5/6/25
May 6, 2025
Small businesses are grappling with mounting tariff challenges. A Pittsburgh backpack company shares its journey of shifting manufacturing from China to Vietnam. The conversation sheds light on the tough decision-making process and the impact of rising costs on domestic production. Innovations in response to these struggles provide a glimpse into how small businesses can adapt and survive in a competitive market.
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Small Biz Tariff Impact Anecdote
- Ian Rosenberger explains how tariffs increased small business costs dramatically.
- His company moved production from China to Vietnam and considered Mexico due to tariff impacts.
Challenges of U.S. Manufacturing
- Ian Rosenberger shares that making backpacks in the U.S. was almost twice as costly.
- Higher labor costs and longer production times made domestic manufacturing impractical.