LIA economist: Tariffs will force small businesses to make tough decisions
The chief economist at the Long Island Association’s Research Institute spoke to News 12 about the local impact of tariffs.
Apr 7, 2025, 12:17 PM
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Marc Frankel, president of Island Watch, says he is concerned about President Donald Trump's tariff plan and how it will affect his business in the global market.
At Island Watch, products are being imported, packed and shipped globally.
“If I import something that costs me $100, I go from paying $10 in tariffs to $45 in tariffs," he says.
Frankel took to social media to show the public how watch companies will be affected. One YouTube video garnering nearly 150,000 views, and the emails are pouring in from other companies facing the same cost fears.
According to the White House, those higher tariffs will go into effect in two days for the countries which the United States has the largest trade deficits.
For now, businesses are grappling with potential cost increases.
