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Trump Tariffs Cool Small Business Dealmaking, Particularly In Manufacturing

UNITED STATES, JUL 23 – Tariffs imposed since April 2025 caused a 28% drop in manufacturing business transactions and stricter Small Business Administration loan rules, increasing costs and limiting financing options.

  • This past quarter, manufacturing businesses saw a 28% decline in transaction volume and a 7% drop in median sale price.
  • In response to trade uncertainties, financing hurdles increased, and earlier this month the Small Business Administration enacted tighter loan guidelines.
  • Trade-Policy whiplash hampers planning for many owners, with over 70% of small business owners unable to plan effectively, a survey found.
  • According to BizBuySell, transactions declined about 4% compared to the same period last year, and businesses remained listed about 12 days longer this past quarter.
  • Future projections suggest added pressures for small businesses, with the U.S. administration threatening new targeted tariffs on chips, drugs, and copper for early August, and the Fed’s July Beige Book warns of rising consumer costs later this fall.
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Forbes broke the news in United States on Wednesday, July 23, 2025.
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