Trump’s tariffs would eat up time and money at even the smallest business, Mark Cuban says

Nobel laureate Paul Krugman has also panned Trump’s plans. In a July column, the economist cited research showing that tariffs only benefit the wealthiest Americans, and 80% of US consumers lose from them on a net basis.

He explained that lower-income households spend a bigger chunk of their income than the rich, so they’re hit harder by what’s effectively a sales tax.

“Everything says that the burden would fall on Americans, mainly the working class and the poor,” he said.

Cuban’s concerns about the impact of tariffs on small businesses come at a difficult time for many of them. His “Shark Tank” costar, Kevin O’Leary, warned last year they were struggling to borrow the money needed to pay their workers and bills after interest rates jumped from almost zero to over 5% in under 18 months. “The cost of capital has gone through the roof,” he said.