The Third Wave of Tariff Consequences

Trump is stupidly acting as if his tariffs are a "one-and-done" proposition. But the ones who will be "done" are America's small businesses.

In a previous post, I wrote about the second wave of consequences that we’re about to experience — empty store shelves, increased prices, slowdowns in shipping.

But what can we expect to experience after that second wave? We’ve been hearing warnings about Christmas being ruined because the vast majority of toys purchased in the United States are manufactured in and imported from China. (Suck it up, all you kids with 30 dolls. The king has decreed that you only need two dolls.)

As disappointing as Trump’s “war on Christmas” will be for millions of kids, there are likely far more severe follow-on effects of the tariffs affecting adults. Big box retailers will, of course, see downturns in profits because of those empty store shelves and increased prices. But where the third wave will hit the hardest will be with small businesses.

Will Target and Walma…