70% of small businesses say tariffs are already increasing costs, despite Trump’s team assurances they are not

More than 70 percent of small and mid-sized businesses have already experienced increased operational costs due to Trump’s tariffs, a new poll has found.

The finding from the HSBC survery, shared with Axios, gathered responses from over 5,700 companies across 13 countries. This included around 1,000 US businesses with international operations and revenues ranging from $50 million to $2 billion.