One wild year of Trump's tariffs

This episode of Make Me Smart examines the lasting impact of President Trump's 'Liberation Day' tariffs over the past year, focusing on how small businesses across the U.S. have been affected despite not being directly involved in international trade. Host Kimberly Adams speaks with Justine Kahn, founder of Botnia Skincare in Sausalito, California, and Will Sissel, co-owner of Sissel & Daughters Cheesemongers in Portland, Maine, both of whom describe how tariffs on imported materials—like aluminum packaging and European essential oils—have drastically increased their costs, forcing them to absorb expenses, rethink packaging, and adjust pricing strategies. While the Supreme Court struck down some tariffs, many remain in effect, leaving businesses in limbo. The episode also features insights from Scott Lincecum of the Cato Institute, who notes that key promises—like boosting manufacturing and reducing the trade deficit—have not materialized, with the trade balance unchanged and manufacturing output only marginally up. Despite the uncertainty, both business owners emphasize transparency with customers and community support as key to survival. The broader economic picture remains unclear, with manufacturers still cautious due to ongoing policy shifts. The episode underscores a central irony: while tariffs were intended to protect American industry, small businesses that produce domestically are bearing the brunt of the costs. The emotional toll is palpable, with business owners describing the stress of constant decision-making and the moral dilemma of raising prices versus cutting staff or quality. Yet, many are holding on through communication, creative customer incentives, and community loyalty. The takeaway is that trade policy changes have far-reaching, often unintended consequences—especially for small, values-driven enterprises. The episode ends with a call to support public media, reinforcing the show’s mission of informed, accessible economic conversation.