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Effects of Tariff Uncertainty on the Outlook of Small and Medium-Sized Businesses

September 05, 2025Philippe Andrade, Alexander M. Dietrich, Sophie Handley, John Leer, Raphael S. Schoenle, Jenny Tang, Egon Zakrajšek Federal Reserve Bank of Boston
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This brief from the Federal Reserve Bank of Boston shares results from a survey of small and medium-sized businesses (SMBs) conducted in three waves from December 2024 to April 2025. Results indicate that uncertainty about tariffs rose markedly from the first wave to the third for all SMBs and especially for importers.