Ahead of the August 1 tariff trade deadline, Senator Edward J. Markey (D-Mass.) and the full Massachusetts congressional delegation have requested more information from the Federal Reserve Bank of Boston regarding how tariffs are affecting small businesses in their state.
In a letter to Susan M. Collins, President and CEO of the Boston Fed, lawmakers asked for detailed data on how recent tariff actions are impacting small firms. They specifically requested crosstabulations showing both expected and actual effects of tariffs by industry, importer status, and firm size.
The lawmakers stated, “Recent tariff actions announced by President Trump, including a proposed 10 percent across-the-board tariff and higher, targeted rates on certain trading partners, are already causing hardship in our communities. Small firms across Massachusetts tell us they face rising input costs and price uncertainty, and they question how much of those costs they can pass on to customers without losing sales. National reporting indicates that U.S. businesses are bracing for broader supply chain disruption as these measures roll out. Federal Reserve Beige Book reporting similarly points to tariff-related price pressures emerging in several regions, including the Boston District.”
The delegation’s request includes follow-up surveys about the impact of tariffs on small businesses; data broken down by industry sector, importer status, firm size; New England- or Massachusetts-specific statistics if possible; and information about whether cost pressures from tariffs have affected hiring plans, hours worked or wages paid by small businesses. They also seek data on whether these pressures have influenced business growth or investment decisions—including considerations about closure—and whether consumer prices have increased as a result.
Earlier this year, Senator Markey introduced the Small Business Liberation Act to exempt small companies from broad global tariffs imposed after President Trump declared a national emergency in April. The legislation was blocked by Senate Republicans later that month.
