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Newsweek
25-04-2025
- Business
- Newsweek
Trump Admin Poses 'Existential Threat' To Small Businesses—Senator
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Democratic Senator Ed Markey wants complete tariff exemption for the United States' 34 million small businesses, warning that actions by the Trump administration pose an "existential threat" to their futures. Why It Matters President Donald Trump swept into office in November largely on the back of voters' economic worries. His tariffs and economic policy have been heavily criticized by Democrats and some members of his own party. Amid the turmoil, the president's poll numbers on the economy have slipped as consumers have gotten more nervous about rising costs of living and the potential for a recession. As Trump's approval numbers slump, he could lose some of the political clout he carried with him into office and Democrats, like Markey, could seize on the issue as 2026 midterms get closer. Democratic Senator Ed Markey speaks at a press conference hosted by the Climate Action Campaign outside of the U.S. Capitol in Washington, D.C., on April 9, 2025. Democratic Senator Ed Markey speaks at a press conference hosted by the Climate Action Campaign outside of the U.S. Capitol in Washington, D.C., on April 9, 2025. BRYAN DOZIER/Middle East Images/AFP via Getty Images What To Know Markey, a ranking member on the Committee on Small Business and Entrepreneurship, wrote a letter on Friday imploring the Trump administration "to save small businesses from catastrophe" before they potentially go out of business as larger, more well-financed corporate competitors stake larger claims. The letter was addressed to Kelly Loeffler, administrator of the Small Business Administration (SBA), U.S. Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer. "Failure to protect small businesses will mean countless shuttered doors and empty storefronts on every Main Street across the United States," the Massachusetts senator wrote. "It will mean that entrepreneurs who have dedicated their entire lives to building a business from the ground up will see their work needlessly undone through no fault of their own. "And it will mean that far too many of the 59 million workers employed by small businesses will find themselves out of a job." The senator added: "America's small enterprises are too important to local communities to be allowed to fail because of this administration's poorly conceived trade policies. If the Administration insists on moving forward with these tariffs, it must recognize the existential threat they pose to millions of small businesses." Newsweek reached out for comment to Markey and his committee, SBA, the Commerce Department and the Office of the United States Representative. Markey says that Trump's April 9 decision to pause all reciprocal tariffs for 90 days, except on China, "provides little relief" to small businesses that don't know what to expect in the coming months. "Small businesses are the lifeblood of the American economy, but because they operate on razor-thin margins, they are uniquely vulnerable to rising costs caused by the Trump tariffs," Markey wrote. "These businesses simply do not have the financial cushion to absorb price shocks or the resources to navigate sudden changes to an already complex supply chain." Small Business for America's Future, a national coalition of business owners and leaders, conducted a survey of about 500 small business owners between March 7 and March 12. That was before higher tariffs were levied on China, and prior to Trump issuing tariffs on nearly every country worldwide. They found that 63 percent of small business owner respondents believe the American economy is on the wrong track, and that 60 percent strongly agree that "the rapid announcements, implementations, and postponements of tariff policies create a 'whiplash effect' that makes it difficult for my business to plan effectively." Another 66 percent said tariffs are "mostly hurting the U.S. economy," while just 16 percent see them as "mostly helping." Another 51 percent said business decisions are being put on hold due to economic uncertainties. About 78 percent of owners surveyed expected cost increases for imported materials and goods, with more than 7-in-10 owners anticipating raising prices for consumers to offset costs. Trump "moved too quickly and overreached with his policy changes," according to 69 percent of respondents. In late March, due to anxieties over tariffs and inflation, the consumer confidence index fell 7.2 points to 92.9, the fourth straight monthly decline and its lowest reading since January of 2021, according to the Associated Press. The measure of Americans' short-term expectations for income, business and the job market also fell 9.6 points to 65.2—the lowest reading in 12 years and below the threshold of 80, which could spark a potential recession. The NFIB (National Federation of Independent Business) Small Business Optimism Index declined by 3.3 points in March to 97.4, falling below the 51-year average of 98. The Uncertainty Index decreased eight points from February's second highest reading to 96. What People Are Saying NFIB Chief Economist Bill Dunkelberg: "The implementation of new policy priorities has heightened the level of uncertainty among small business owners over the past few months. Small business owners have scaled back expectations on sales growth as they better understand how these rearrangements might impact them." JPMorgan Chase CEO Jamie Dimon, in his annual letter released after the tariff announcement: "The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession. And even with the recent decline in market values, prices remain relatively high. These significant and somewhat unprecedented forces cause us to remain very cautious." What Happens Next More than 90 countries have expressed interest in negotiating deals to avoid tariffs, Trump said. The 90-day pause currently in effect could also change, added the president.
The Independent
27-03-2025
- Business
- The Independent
EPA offers industrial polluters a way to avoid rules on mercury, arsenic and other toxic chemicals
As part of a push to roll back dozens of environmental regulations, the Trump administration is offering coal-fired power plants and other industrial polluters a chance for exemptions from requirements to reduce emissions of toxic chemicals such as mercury, arsenic and benzene. The Environmental Protection Agency has set up an electronic mailbox to allow regulated companies to request a presidential exemption under the Clean Air Act to a host of Biden-era rules. Companies were asked to send an email by Monday seeking permission from President Donald Trump to bypass the new restrictions. The Clean Air Act enables the president to temporarily exempt industrial sites from new rules if the technology required to meet them is not widely available and if the continued activity is in the interest of national security. Environmental groups denounced the administration's offer, calling the email address a 'polluters' portal' that could allow hundreds of companies to evade laws meant to protect the environment and public health. Margie Alt, campaign director of the Climate Action Campaign, said the request for exemption applications 'is a gift to the fossil fuel industry" and further indication of a 'polluters-first agenda" under Trump and EPA Administrator Lee Zeldin. 'Companies can now apply for a gold-plated, 'get-out-pf-permitting free' card,'' she said, adding that the latest action marked at least the third time Zeldin has moved to weaken enforcement of environmental laws since he took office less than two months ago. On March 12, he announced a series of actions to roll back landmark environmental regulations, including rules on pollution from coal-fired power plants, climate change and electric vehicles. Last month, Zeldin said he would push for a 65% spending cut at the agency, saying, 'We don't need to be spending all that money that went through the EPA last year.' Trump and Zeldin, aided by billionaire Elon Musk 's Department of Government Efficiency, have also pushed to drastically reduce EPA staffing, and the agency is considering a plan to eliminate its scientific research office. About 1,000 scientists and other employees who help provide the scientific foundation for EPA rules safeguarding human health and the environment could be fired. The EPA's offer for companies to request exemptions was first reported by The New York Times. 'Submitting a request via this email box does not entitle the submitter to an exemption,'' the EPA said in a statement. 'The President will make a decision on the merits.' Authority for exemptions 'solely rests with the president, not EPA,'' added EPA spokeswoman Molly Vaseliou. She noted that former President Joe Biden offered similar exemptions after issuing a rule last year tightening emission standards for ethylene oxide from commercial facilities that sterilize medical equipment. Exemptions offered this week also could apply to more than 200 chemical plants nationwide that are being required to reduce toxic emissions likely to cause cancer. The rule, issued last year, advanced the former president's commitment to environmental justice by delivering critical health protections for communities burdened by industrial pollution from ethylene oxide, chloroprene and other dangerous chemicals, the Biden administration said.
Yahoo
07-03-2025
- Business
- Yahoo
Local climate change activists concerned over federal cuts
BINGHAMTON, N.Y. (WIVT/WBGH) – Environmental activists are concerned about how federal cuts could impact efforts to combat climate change, to build out the clean energy jobs economy and the future of a battery research and manufacturing hub in Greater Binghamton. Assemblywoman Donna Lupardo and State Senator Lea Webb joined the national organization Climate Action Campaign for a news conference in Binghamton yesterday. Lupardo and Webb say federal investments and tax incentives have helped create good paying jobs in manufacturing related to clean energy. They specifically cited the money that has helped to create the New Energy New York initiative that is working to build out a lithium-ion battery ecosystem in our area. Adam Flint, Director of Clean Energy Programs at the Network for a Sustainable Tomorrow says the cuts are short-sighted. 'We need the demand to increase by building out the market, building out batteries and, as has been said, for this country to take back in many ways technologies that we initiated many decades ago and unfortunately ceded to China and other places,' said Flint. Flint says his organization had been hoping to receive a $450,000 grant from the EPA to launch a program educating kids in K-12 schools about careers in the clean energy sector, but that funding has been put on hold. Binghamton veteran receives new roof from The Impact Project Tri-Cities Opera celebrates 75 years with Broadway tribute Super Cooper continues to save the day at 6th annual Cooperpalooza Lenten tradition returns to Saint Michael's Rec Center New York sues U.S. Education Department over $600m in cuts as feds slash $400m more for Columbia University Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
