Ranking Member Markey Slams Affordability Crisis on Main Street in Trump’s Economy

Small businesses paid $46.6 billion in Trump tariffs between March and September

Cost of Republican ACA Cuts | Cost of Trump's Tariffs

(Washington, December 16) - Ranking Member Edward J. Markey (D-Mass.), alongside Senator Tim Kaine (D-Va.) and two small businesses owners, held a press conference to call out the skyrocketing costs imposed on small businesses by Trump's economic policies. At the press conference, Ranking Member Markey released new state-by-state data on total tariffs paid by small businesses from March to September 2025, showing that states paid a total of $46.6 billion, including $489 million paid by Massachusetts small businesses. Ranking Member Markey also highlighted that Republicans' assault on Affordable Care Act enhanced premium tax credits are doubling health care costs for small businesses, and that the Trump administration's devastating cuts to clean energy programs are raising electricity prices for small businesses.

"What should be a season of giving has become a season of paying for America's 36 million small businesses. They are paying more for affordable health care, more for electricity, and more for just about everything, thanks to Trump's tariffs," said Ranking Member Markey. "Because of Trump and MAGA Republicans' reckless policies, this holiday season is anything but a "Wonderful Life" for Main Street small businesses. We need to end the Pain on Main Street to ensure that starting and running a small business is affordable, not impossible."

"Small businesses are the backbone of our economy. I came out of a small business family-my dad ran his iron working and welding shop in the stockyards of Kansas City, and we all pitched in. And it pains me to hear about the suffering the Trump Administration's economic chaos, from broad-based tariffs to the expiration of tax credits employers rely on to ensure their employees have access to affordable health insurance, are inflicting on small businesses across the country," said Senator Kaine. "I'm deeply grateful to Shirley from Powhatan and Julie from Akron for joining Senator Markey and I today to shine a spotlight on these issues, and will keep doing all that I can to undo Trump's disastrous tariffs and extend critical health care tax credits."

"Tariffs and rising energy costs are harming U.S. small businesses like ours-sales are down while costs are skyrocketing, creating an unsustainable future," said Julie Robbins, CEO of EarthQuaker Devices in Akron, OH. "We've spent countless hours searching for solutions that don't exist. This year, we've paid over $60,000 in tariffs, sales revenue has dropped 10 percent, and electricity rates have risen 30 percent. Proposed ACA cuts are also driving up healthcare costs, adding to an affordability crisis that's slowing innovation, limiting hiring, and forcing cuts to marketing and charitable giving. Main Street needs relief now, not higher prices."

"Affordability for small businesses like mine is increasingly out of reach, from our ability to provide benefits that retain talented workers to our ability to keep our lights on and balance our supply chains amid inflammatory tariff spikes," said Shirley Modlin, Co-owner of 3D Design and Manufacturing in Powhatan, VA. "Lawmakers must do more to offer small businesses relief during this difficult and uncertain time."

Ranking Member Markey has led the fight to deliver real relief for America's small businesses who are struggling because of Trump's reckless economic policies.

• Last month, Ranking Member Markey sent a letter to Small Business Administration (SBA) Administrator Kelly Loeffler, Secretary of Commerce Howard Lutnick, U.S. Trade Representative Jamieson Greer, and Acting Chair of the Council of Economic Advisors (CEA) Pierre Yared to renew his call for an equitable tariff refund process for small businesses.
• Earlier in November, Ranking Member Markey held a press conference to highlight the voices of small business owners impacted by Trump's devastating tariffs, and to call on the Supreme Court to strike down the tariffs.
• Previously, Ranking Member Markey held a press conference to highlight the voices of small business owners impacted by Trump's tariffs. Ranking Member Markey introduced the Small Business RELIEF Act in September, which exempts small businesses from the "Liberation Day" tariffs and requires the President to provide refunds to small businesses who have paid them.
• In August, Ranking Member Markey sent a letter to Small Business Administration (SBA) Administrator Kelly Loeffler, Secretary of Commerce Howard Lutnick, U.S. Trade Representative Jamieson Greer, and CEA Chair Stephen Miran, calling on their respective agencies to establish and publicize procedures for refunding tariffs to American businesses.
• Ranking Member Markey first attempted to pass the Small Business Liberation Act , legislation that would exempt small businesses from the broad, reckless global tariffs imposed by the Trump administration, in May. Ranking Member Markey returned to the Senate floor in an effort to pass the Small Business Liberation Act in August. Republicans blocked his legislation on the Senate floor on both occasions.

Permalink: https://www.sbc.senate.gov/public/index.cfm/2025/12/ranking-member-markey-slams-affordability-crisis-on-main-street-in-trump-s-economy