President Trump announced this week that the U.S. and China have reached a deal, pending presidential approval, concerning tariffs on magnets and rare earth metals.
While specifics have yet to be released, businesses owners are holding their breath for how change to any tariffs could impact them.
Sarah Ball, owner of C.P. Dean Company in Chesapeake, highlighted the challenges in the retail landscape. Ball's business, which has been successful since 1886 and specializes in game room equipment, is feeling the pinch of tariffs as prices rise.
"Tariffs weren't something that I saw on the horizon as we were kind of coming off of the COVID time, but we're pushing through," she said.
In addition to larger items like pool tables and pinball machines, C.P. Dean sells and customizes awards and trophies. Ball said that’s where they are seeing immediate price increases.
She said they source slate from Brazil and products like table parts and metals from China, Vietnam and other countries affected by tariffs.
Ball said unpredictability from wholesalers adds to the stress small business owners are feeling.
“They don’t know, is it time to put out a new price list? Or should we wait? Is it going to change next week? What’s going to be different?” she said.
The Retail Alliance, an advocacy group for small businesses, conducted a recent survey revealing that 80% percent of respondents are worried about their financial stability over the next year.
Jenny Crittenden, President and CEO of the Norfolk nonprofit, found these results troubling.
"As this snowballs and costs seem to increase, it becomes increasingly difficult for them to have a sustainable model," she noted. “Fourth quarter is a make or break for most small retailers, and if they're having to increase costs and consumers are pulling back, that's not a great picture.”
Many businesses are adjusting their practices, with some reporting changes in their ordering processes.
“Take a walk through your neighborhood and look at the businesses around you. Imagine if they weren't there. That's the impact something like this can have long-term,” said Crittenden.
Ball said she wants customers to know that they are doing everything they can to keep prices low.
“We're not out there to try to eat them on the tariff. We are doing everything we can to mitigate and keep prices as low as we can,” Ball said.
The survey results show that most businesses are first raising prices, then changing suppliers, and delaying new item purchases, all of which could ultimately impact consumers at home.
This article was researched, reported, and written by a WTKR News 3 journalist. AI was used to minimize typos and ensure style continuity.
