Tariffs Hit Small Businesses Hard

Tariffs imposed by President Donald Trump have caused a significant increase in prices for imported goods, including those used in the beauty industry.

75% of small businesses in the US have been negatively impacted by the tariffs, according to a recent study.

The study found that 60% of small businesses are struggling to absorb the increased costs without passing them on to consumers.

Pink Noire Beauty Supply & Cosmetics, a small beauty supply store in Memphis, is one of the hardest hit businesses.

The store's products are mostly sourced from China, which has been hit hard by the tariffs.

The price increases have been significant, with three to four price increases across the board on Pink Noire's brands.

As a small business, it's difficult for Pink Noire to absorb the costs of the tariffs without affecting the bottom line.

40% of Black-owned businesses are struggling to stay afloat, and 25% are at risk of failing, according to the study.

Small businesses are looking for ways to diversify their supply chains to reduce their reliance on imported goods.

Pink Noire is exploring domestic alternatives to its products, but they are typically more expensive, and the store is concerned about the long-term impacts of the tariffs on the local community.