Poll Finds Most Small Businesses Concerned About Tariffs, Mass Deportations

Washington, D.C.— Small business owners are worried about the impacts of core Trump administration policies, including announced tariffs on many imports and the mass deportation of immigrants, according to a recent survey.

Voice of Main Street, a new quarterly opinion poll of entrepreneurs in Small Business Majority’s network, finds that 53% of small businesses are concerned about tariffs negatively impacting their business and 77% are concerned about announced tariffs negatively impacting the U.S. economy. And when it comes to immigration policy, 37% of entrepreneurs are concerned about mass deportations negatively affecting their businesses or their suppliers’ businesses, while 69% are concerned about the negative impact of mass deportations on the overall U.S. economy. 

“Tariffs are my biggest concern right now,” said Margo Clayson, founder and president of The Mighty Microgreen in Inkom, Idaho. “I source everything I can locally, but some materials—like plastics—are simply not affordable in the United States. If I have to raise prices in response to my increasing costs, I know families will then have to make tough choices. No matter how great my product is, it’s likely to end up on the back burner in family budgets. And when it comes to immigration policy, I expect mass deportations would directly impact the farmers who supply the seeds I rely on. Living in a farming community, I see firsthand how generational family farms already struggle to find workers willing to do the back-breaking labor that farming demands. This isn’t just a challenge for my small business—it’s an issue that will affect all of us.”

These concerns about tariffs and mass deportations come at a time when many small businesses are already struggling. The survey found that over the past three months, business revenues have decreased for 42% of entrepreneurs and stayed the same for 34% over that period. Just 24% of small businesses reported revenue increases. What’s more, profits are falling or stagnating at a moment when business expenses have increased over the past three months for 62% of small businesses. Meanwhile, costs stayed the same for 29% and decreased for only 9% of small firms during that time frame. Finally, more small businesses reported laying off workers (18%) than hiring (12%). 

Despite their concerns, the majority of small businesses expressed a positive outlook: 58% are optimistic about their business prospects over the next six months; only 18% were pessimistic and 21% neutral. Nonetheless, this represents a six percentage point decrease in optimism from a survey conducted in the summer of 2024.

Small businesses also shared their policy priorities for the Trump administration and Congress in 2025, including: 

• 69% support extending premium tax credits that lower healthcare premiums for insurance plans purchased through the Affordable Care Act marketplaces and are set to expire at the end of 2025; 

• Increased tax relief or new tax incentives for small businesses (88%); 

• Addressing fair competition and leveling the playing field with larger companies (76%); 

• Increased access to low interest, small-dollar loans under $100,000 and/or grants (68%); and 

• Increased access to affordable healthcare options for themselves and their employees (66%). 

“Instead of pursuing partisan wishlists purely to secure political points, the new administration and Congress should focus instead on policies that entrepreneurs say would help their businesses succeed,” said Small Business Majority Founder & CEO John Arensmeyer. “Our economy will never realize its full potential until federal policymakers adopt an agenda that would address the biggest needs of America’s innovators and job creators.” 

The Voice of Main Street survey is a poll of 160 small business owners in Small Business Majority’s national network. It was conducted between Dec. 4, 2024 and Jan. 22, 2025. The margin of error is +/- 8% at a 95% confidence level.

For the full report, please visit: https://smallbusinessmajority.org/our-research/voice-of-main-street/small-businesses-concerned-about-impact-tariffs-prefer-small-business-friendly-policies