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Money and the economyLesson 6 of 8

Part 1 of 3, 0 done

14 min

Tariffs and trade

A trailer maker buys steel from abroad. In June 2025 the US tariff on it doubled. Who pays: the foreign mill, the trailer maker, or the farmer who buys the trailer? Here's how to follow the money.

Ticket 01 · The guess

How many factories felt it?

In a 2025 survey of small US businesses with employees, run by the Federal Reserve Banks, what share of manufacturers said costs from tariffs were a financial challenge?

30%
0%100%

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What kind of problem?

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Sources and every number (1)

Sources

  • 2026 Report on Employer Firms: Findings from the 2025 Small Business Credit Survey (web page: financial challenges, tariffs and sourcing) · Federal Reserve Banks, 2025

Every number

  • 62%fedsmallbusiness.org ·2025 · Manufacturers that said costs from tariffs were a financial challenge. Federal Reserve Banks' Small Business Credit Survey of small employer firms, fielded in late 2025 about the prior twelve months.
  • 69%fedsmallbusiness.org ·2025 · Retailers that said costs from tariffs were a financial challenge. Federal Reserve Banks' Small Business Credit Survey of small employer firms, fielded in late 2025 about the prior twelve months.
  • 48%fedsmallbusiness.org ·2025 · Firms that bought at least some of what they use from outside the US, in 2024. Federal Reserve Banks' Small Business Credit Survey of small employer firms, fielded in late 2025 about the prior twelve months.
  1. Lessons›
  2. Money and the economy
  • ·Before this: Taxes: sales, income and payroll
  • ·Next: Stocks and shares: owning a slice, and what an IPO is
Skip to the lesson

Money and the economyLesson 6 of 8

Part 1 of 3, 0 done

14 min

Tariffs and trade

A trailer maker buys steel from abroad. In June 2025 the US tariff on it doubled. Who pays: the foreign mill, the trailer maker, or the farmer who buys the trailer? Here's how to follow the money.

Ticket 01 · The guess

How many factories felt it?

In a 2025 survey of small US businesses with employees, run by the Federal Reserve Banks, what share of manufacturers said costs from tariffs were a financial challenge?

30%
0%100%

Spot something wrong?

Tell us what looks off. No name or email needed.

What kind of problem?

0 / 1000

We'll also send this page, the lesson, ticket 1, so we can find it. Nothing else. Privacy

·
Sources and every number (1)

Sources

  • 2026 Report on Employer Firms: Findings from the 2025 Small Business Credit Survey (web page: financial challenges, tariffs and sourcing) · Federal Reserve Banks, 2025

Every number

  • 62%fedsmallbusiness.org ·2025 · Manufacturers that said costs from tariffs were a financial challenge. Federal Reserve Banks' Small Business Credit Survey of small employer firms, fielded in late 2025 about the prior twelve months.
  • 69%fedsmallbusiness.org ·2025 · Retailers that said costs from tariffs were a financial challenge. Federal Reserve Banks' Small Business Credit Survey of small employer firms, fielded in late 2025 about the prior twelve months.
  • 48%fedsmallbusiness.org ·2025 · Firms that bought at least some of what they use from outside the US, in 2024. Federal Reserve Banks' Small Business Credit Survey of small employer firms, fielded in late 2025 about the prior twelve months.
  1. Lessons›
  2. Money and the economy
  • ·Before this: Taxes: sales, income and payroll
  • ·Next: Stocks and shares: owning a slice, and what an IPO is