i3 - May/June 2019 - 36
Policy
Tariffs are taxes on the American people. Here is a look at two small American companies that are being hurt by these practices.
For more information, email Sage Chandler at schandler@CTA.tech.
P O L I CY U P DAT E
Tariffs Tax American
Entrepreneurs
By Sherrill Mosee
E
I started my company, MinkeeBlue, to
create stylish, functional bags for busy
women who need to carry a plethora of
things to get through the day. Since
launching in 2014, MinkeeBlue has continued to grow by extending its product
offerings to include backpacks, diaper
bags, crossbody bags and tote bags.
But now I'm in the middle of a trade
war threatening the existence of my
business. Even more daunting is not
knowing how long this trade war will
last or how the trade policies will affect
my business in the future.
Tariffs are paid for by Americans like
me, not people in other countries. We
are consumers, entrepreneurs and
small businesses. My product was
already subjected to high tariffs at 17.6
percent before the additional 10
percent was added last October. A new
looming tariff of 25 percent more
would kill my business.
When I first started my handbag business, I was adamant about manufacturing
a Made-in-the-USA product. I worked
with the Department of Commerce's textiles division to help identify factories and
source materials in the U.S. We found a
handful of factories willing to work with
me, but the final production costs plus
materials were far too expensive. I simply couldn't afford to manufacture my
specialty bags in the U.S.
I understand that pursuing new trade
deals allows American companies to
effectively compete with foreign companies, but I'm not alone in thinking our
approach is wrong. Tariffs Hurt the
Heartland - a nonpartisan coalition
Small retailers like myself are
already operating in a very competitive environment. The added
challenge of tariff increases is troubling and disruptive, interjecting
uncertainty in the market.
Sherrill Mosee
36
MAY/JUNE 2019
representing thousands of workers, businesses and farmers across the country -
recently released data that shows a
dramatic increase in import tariffs.
American businesses paid an extra $3.4
billion in tariffs this past December -
significantly more than the $379 million
paid on the same products the prior year.
In Pennsylvania, where MinkeeBlue is
headquartered, businesses paid $91 million in tariffs in December. That's 10
times more than the previous year.
Where is all that money going?
Small retailers like myself are already
operating in a very competitive environment. The added challenge of tariff
increases is troubling and disruptive, interjecting uncertainty in the market. As a
minority- and woman-owned business, I
hope to continue to grow my brand and
inspire others to do the same. The administration should end the trade war and ease
the burden of tariffs, so the American spirit
of innovation continues to flourish.
Sherrill Mosee is the founder of MinkeeBlue.
I T I S I N N O VAT I O N
Illustration: Caroline Tomlinson/Getty Images.
very morning, millions of commuters hit the streets to
start their day. Some are saddled with lunch, a change of
shoes and a laptop for the office. On the way out the
door, many women grab a handbag or two to carry all their
belongings for the day.
https://minkeeblue.com
i3 - May/June 2019
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