Small Business Administrator and former Georgia Senator Kelly Loeffler spoke about the first 100 days of the Trump Administration and the tariffs seemingly on everyone’s mind at a press conference in Suwanee on Monday.
“Small businesses borrow when they have increased confidence that there is an opportunity for growth,” Loeffler said. “They know that this period of negotiation with the trade discussions will pass and we’ll get back to a stronger, bigger opportunity in this country.”
Earlier this month, Trump announced sweeping tariffs on nearly all U.S. trade partners. Since then, Trump has paused some of his harshest tariffs on American partners for 90 days after global markets went down shortly after the tariffs were announced. Notably, there has been a 145% tariff imposed on Chinese goods.
In a recent Pew Research poll, Trump’s tariff policies sat at a 39% approval rating. According to the Associated Press, 77% of Americans believe the tariffs will increase the cost of goods.
Loeffler said that tariffs “may not” affect small businesses, but that taxes will.
“Tariffs may not, but taxes will and those small businesses would absolutely buckle under the weight of a tax increase,” Loeffler said.
Tariffs are taxes on goods imported from other countries. Companies buy foreign goods with the tariffs assessed on them and typically pass those higher costs onto consumers.
Of course, one way to circumvent the price increases is manufacturing solely in America. The press conference was held at Winton Machine Company in Suwanee, a locally-owned business that deals in American-made tube fabricating systems.
Lisa Winton, one of the founders of the company, said the Trump agenda has helped her business.
“As a small family business, we need to continue to reinvest in our business, and shouldn’t pay a higher tax percentage than larger corporations,” Winton said. “Our business thrives on certainty and now we finally have the certainty of a pro-business administration.”
Winton noted the extension of the 2017 tax cuts Trump put in place as a positive for her and her business.
Loeffler noted the 228,000 new jobs in the last month and the decreased inflation.
“Small businesses create two out of every three new jobs,” Loeffler said. “They’re the builders, the doers, and the risk takers.”
She also noted that the SBA has eliminated $190-million in “wasteful spending” and a 43% reduction of their workforce.
Loeffler noted that loans from the SBA have increased by 74% in the first 100 days of the Trump administration. She said they have also added in citizenship verification for the loans and enhanced their underwriting standards.
“Main Street is hiring, building, and booming again,” Loeffler said.
