Flexport's CEO, Ryan Petersen, expressed deep concern that US tariffs on China, currently at 145%, could result in widespread bankruptcies among small businesses reliant on Chinese products. He pointed out that much of what Americans purchase from China consists of non-essential items, suggesting that significant price increases could lead consumers to abandon these goods in favor of alternatives. Petersen's warning highlights the precarious situation for small businesses facing a potentially devastating financial fallout if tariffs remain in place, emphasizing the uncertainty in global supply chains exacerbated by previous tariffs on other nations.
"You’re talking like 80% of small business that buys from China will just die," he said. "And millions of employees will be unemployed."
"A lot of what Americans buy from China is discretionary spend - optional items that can be replaced if they become expensive."
"When the price goes up 50% or more, you might just go out and buy pizza from Domino's or something, right?"
"No country feels like a safe bet for supply chains, especially after President Donald Trump placed duties on Canada and Mexico."
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