American companies of all sizes are on edge over President Donald Trump’s tariffs, but it’s arguably small business that is most exposed. Many smaller firms say they’re having to hike prices, freeze expansion plans or absorb a hit to already-thin profit margins as import bills climb.

Minutes from the Federal Reserve's January meeting released on Wednesday revealed members of its committee believe Trump's policies might "hinder the disinflation process". "Business contacts in a number of districts had indicated that firms would attempt to pass on to consumers higher input costs arising from potential tariffs,