Steve Forbes: Trump's tariffs will put small companies out of business
Forbes: “You've got a lot of small companies with small margins that are going to be hurt by this, put out of business”
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From the April 2, 2025, edition of Fox Business' The Bottom Line
DAGEN MCDOWELL (HOST): But just a reminder, only about 12-14% of our economy is from imports.
STEVE FORBES (GUEST): Yes.
MCDOWELL: When you look at a Vietnam, 90% is from exports. So it goes to what President Trump has talked about is, like, these countries have a lot to lose, and they have a lot to gain from talking to us and negotiating with us.
FORBES: But that's why a country like Vietnam, I think you'll see some big reductions, in terms of their rates. But the key thing is though, what hasn't been, I don't think, factored in properly is what it does to supply chains. You've got a lot of small companies with small margins that are going to be hurt by this, put out of business. We saw with COVID with the lockdowns how disruptive that can be. So the quicker they can get this thing resolved and get those rates down around the world, and get that big, beautiful tax cut bill that now must be doubled, then we'll come out of it and we'll have a better trading system.
MCDOWELL: But the exporters will likely eat at least half of these tariffs.
FORBES: But they can't do that forever. The thing, on like on the 25% tariff on autos, eventually U.S.-made autos go up in price. It happens every time. The ceiling goes up, everyone raises.