(Washington, June 27) - As the 90-day clock President Trump set for trade deals to be reached with other nations is set to expire in less than two weeks on July 9, Ranking Member Edward J. Markey (D-Mass.) today wrote to Small Business Administrator Kelly Loeffler, Secretary of Commerce Howard Lutnick, U.S. Trade Representative Jamieson Greer, and Chair of the Council of Economic Advisers (CEA) Stephen Miran, highlighting the economic burdens that small businesses are unfairly bearing under the Trump administration’s reckless, chaotic, and business-killing tariffs, and urging them to spare small businesses from the administration’s tariff policies.
After multiple empty promises of negotiating trade deals to reduce the tariffs, the Trump administration has only successfully negotiated one so-called “deal” that still retains the 10 percent global tariff. At a time when these businesses are looking for reassurance, the Administration is doubling down on its attacks against America’s 34 million small businesses and misleading them in the process. In front of the Senate Small Business Committee, SBA Administrator Loeffler insisted that small businesses are not facing increased costs in the short term as a result of the tariffs. Yet recently, CEA Chair Stephen Miran publicly acknowledged that in the short run, it is “absolutely” possible that there will be volatility in prices.
Ranking Member Markey writes, “The Trump administration’s plan for U.S. small businesses appears to be to let them suffer. Although Administrator Loeffler recently testified before the Senate Small Business Committee that Trump’s tariffs are not causing small businesses to face increased short-term costs, Council of Economic Advisors Chair Stephen Miran publicly acknowledged the prospect of price volatility. And he admitted the Administration knows that, for many products, no supply chain alternative exists. That is why Goldman Sachs released a survey just this month that showed 70% of small business owners feel or expect to feel negative impacts from the tariffs, with a majority saying uncertainty is the cause.”
Ranking Member Markey continues, “Small businesses—which represent 97% of U.S. importers and exporters and account for one-third of all trade—are resilient, having survived past economic downturns and the challenge of the COVID-19 pandemic. But asking them to bear the burden of this trade war is a near impossible and unfair task. Trump’s reckless and overly broad tariffs are forcing small businesses to make tough decisions about passing on costs to customers, pausing hiring, and laying off staff. A cascade of small business closings is on the horizon. I therefore once again call on this administration to spare small businesses from catastrophe and exempt them from President Trump’s tariffs.”
Ranking Member Markey has introduced the Small Business Liberation Act, legislation that would exempt small businesses from the broad, global tariffs imposed as a result of the national emergency declared on April 2 by President Trump. In May 2025, Republicans blocked his legislation on the Senate floor.
Ranking Member Markey previously wrote to Administrator Loeffler, Secretary Lutnick, and Ambassador Greer, calling on the Trump administration to exempt U.S. small businesses from Trump’s reckless tariffs, and afford small businesses the same relief the Administration is giving billion-dollar tech giants such as Apple and Google. Additionally, Ranking Member Markey, along with Democratic Leader Chuck Schumer (D-N.Y.), and all Democrats on the Senate Small Business and Entrepreneurship Committee wrote to Administrator Loeffler, urging her to take immediate action to address the impacts of Trump’s reckless tariff policies on small businesses.
