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‘Mood On Main Street Has Soured’: Ed Markey Rips Trump’s ‘Destructive, Small Business-Killing’ Tariffs
Forbes Breaking News
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5/15/2025
During Wednesday’s Senate Small Business & Entrepreneurship Committee hearing, Sen. Ed Markey (D-MA) spoke about the impact of President Trump’s tariffs.
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00:00
And with that, I now recognize Ranking Member Markey for his opening statement.
00:04
I thank you, Madam Chair, so much.
00:07
And we're here to talk about small business manufacturers,
00:11
which contribute to our local economies and provide well-paying jobs for American workers.
00:19
But we must address the elephant in the room when it comes to American manufacturing,
00:25
Trump's disastrous, destructive, small business-killing tariffs.
00:30
The Boston Globe on Friday, just five days ago.
00:35
The headline is Massachusetts Port Authority.
00:37
That's the entry point for New England.
00:40
They expect shipping volume in June to decrease by 35% compared to last year.
00:50
That's in June.
00:52
And we do know this.
00:53
You know, when there's a 35% decline in those containers coming in, that's the trade.
01:01
That's what helps manufacturers.
01:03
There's about 40,000 small manufacturers who are hit by tariffs at both ends,
01:10
as importers and as American producers, who are going to be affected by this.
01:17
And they're the most vulnerable.
01:18
Those aren't the big companies.
01:19
Those are the little companies.
01:20
They just live month to month.
01:22
And so that's a very dangerous development.
01:26
We can't afford to have a one-third reduction in New England of the containers coming in.
01:30
That is trade.
01:31
And the biggest issue for small businesses, whether they are manufacturers or clothing shops or restaurants or hardware stores,
01:39
is the uncertainty caused by Trump's rollercoaster tariff policy.
01:43
Over the past month, the mood on Main Street has soured.
01:47
Small business owners planning to hire new employees has fallen to a four-year low,
01:52
as sales decline and the future remains uncertain.
01:55
And unlike large corporations, small businesses cannot absorb tariff costs and ride out the storm.
02:01
Even as the vast majority of small businesses are seeing massive tariff-induced cost hikes,
02:07
this administration is offering exemptions for billion-dollar corporations.
02:11
If you can get a dinner invitation to Mar-a-Lago, like the heads of Apple and Google,
02:16
you can secure an exemption for your industry.
02:18
But no small businesses receive support from this administration on how to navigate these constant policy changes.
02:27
And meanwhile, these tariffs are destroying the small manufacturing growth we saw during the Biden administration.
02:33
In fact, the Biden Small Business Administration made more than $10 billion in loans to small manufacturing,
02:40
contributing to 775,000 new manufacturing jobs.
02:45
President Trump likes to play the hero, but in his first term, his SBA made $2 billion less in small manufacturing loans
02:54
than the Biden administration, and they lost 200,000 manufacturing jobs.
02:59
And now, in his second term, he is hitting small manufacturers where it hurts.
03:07
The cost of building a factory is skyrocketing because of the tariffs.
03:11
The Trump tariffs are not a recipe for a manufacturing boom.
03:16
They are a recipe for manufacturing doom.
03:19
My witness today, who makes guitar pedals in Akron, Ohio, did not have the opportunity to dine with the president at Mar-a-Lago.
03:28
Now, she is unsure if her small manufacturing business will survive the uncertainty and crushing cost increases unleashed
03:36
when the president began his trade war on Main Street, turning Main Street into Payne Street.
03:43
They are the ones who are feeling this most adversely.
03:45
President Trump has kneecapped small businesses that build high-quality products here in the United States
03:51
because of his naive and misguided vision of how supply chains work.
03:56
With very few exceptions, American companies that build here must rely, at least to some extent, on components made elsewhere.
04:05
We can't have 35 percent fewer containers coming into America, into the port of Boston, of New England.
04:12
This includes the 40,000 small manufacturers who are being crushed by tariffs at both ends,
04:18
as importers buying parts and as exporters facing retaliatory tariffs.
04:23
So, I've heard from small businesses in Massachusetts.
04:26
There's a paranoia which has set in.
04:29
And I've heard from all across America about the impacts of these tariffs.
04:34
Last week, I spoke with Brandel Randolph, founder of 1854 Cycling Company,
04:41
an electric bike manufacturer based in Massachusetts.
04:45
Brandel shared with me that his company finally recovered from the $45 million which they lost during COVID,
04:51
only to now be forced to decide whether or not they can weather this new disaster.
04:57
The message from 1854 and other small businesses across the country is clear.
05:03
These tariffs are going to put them out of business.
05:05
And that's why, last week, I introduced the Small Business Liberation Act
05:09
to exempt small businesses from the Trump tariffs.
05:13
Just exempt them.
05:13
Small business owners are our neighbors, our friends, our family.
05:18
We must provide the necessary relief so that they can operate and grow and succeed.
05:24
They're not Democrat or Republican businesses.
05:26
They're not blue or red small businesses.
05:28
This should not be a partisan issue.
05:30
The National Chamber of Commerce has said that we should exempt small businesses.
05:36
I'm with the National Chamber of Commerce.
05:39
They're speaking for every Chamber of Commerce all across the country,
05:42
exempt small businesses from the tariffs.
05:46
I've introduced the legislation.
05:48
We should try to find a way to expedite its passage on the floor of the Senate.
05:53
I thank you, Madam Chair.
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