Hey hustlers in South & Southeast Asia! 👋 Running an online store on Shopee, Flipkart or selling crafts on Etsy? A new survey by Freightos shows US tariffs are hitting SMEs hard. 🚧
- Cost Jump: Almost half of 336 SMEs said their expenses shot up by over 20% thanks to import duties.
- Shipment Slowdown: Nearly the same share slashed their shipment volumes to manage rising costs.
- Reputational Woes: 60% feel the US is losing clout as a trading partner—only 6% disagree.
Adam Lewis, president of Clearit Customs Brokerage, told Bloomberg: “Unlike larger corporations, they don’t have the same insulation or sophistication to absorb frequent tariff changes, currency swings, and rising costs.” 😓
Judah Levine, Freightos’ head of research, warns this isn’t a quick glitch. “We’re seeing potential long-term shifts in how companies source products and set prices.” 💡
Yale’s Budget Lab found US tariff hikes could push 650,000–875,000 more Americans under the poverty line. That’s because higher prices lift the poverty threshold without boosting incomes—so more families get tagged as “poor.” 💔
In the legal arena, the US Court of Appeals for the Federal Circuit ruled that using the International Emergency Economic Powers Act to justify these tariffs was overreach. Now, the US Supreme Court will hear the case this November. 🎙️
What’s the takeaway? Whether you’re a digital nomad in Bali or bootstrapping a side gig in Bangalore, rising import duties ripple through costs, supply chains, and household budgets. Stay savvy: keep an eye on trade updates and explore alternative sourcing to stay ahead. 🔍✨
Reference(s):
cgtn.com
