Some business owners in New York are questioning what comes next after the Supreme Court on Friday struck down many of President Donald Trump’s far-reaching tariffs.
David Mooradian, co-owner of Mooradian’s Furniture, said his store felt the effects firsthand.
“Some of the tariffs were as much as 30%,” Mooradian said.
The business was forced to pass some of those costs on to consumers by raising prices. But Patrick Bailey, communications director for the Business Council of New York State, said the ruling could bring prices back down.
“I would expect this decision to really help businesses, particularly here in New York,” Bailey said.
The Business Council surveyed its members on the impact of tariff implementation late last year. Bailey said the results were largely negative.
“Most of them were negative. There really weren’t a lot of positives from the tariffs,” he said, adding that only a small percentage of businesses reported any benefit.
Bailey said the effects could be felt across a wide range of products and that consumers stand to gain the most.
“A tariff is nothing more than a tax,” Bailey said. “In an economy like we have in the United States, it would spur competition and competitive prices, which ultimately the consumer would benefit from.”
Mooradian said his store would lower prices if manufacturers do the same, but he remains cautious about what the ruling will ultimately mean.
“It’s still, to me, a little bit of a wait and see,” he said. “I wouldn’t call it a victory yet.”
Bailey said businesses and consumers should be patient, estimating it could take up to six months before the full effects are felt.
President Trump said Friday he plans to sign an excecutive order to impose a 10% global import duties through another statute.