Bad news for small business owners, who are getting hit by tariffs, higher costs, and fading hopes of rate cuts.

• Small businesses are struggling to stay open, blaming tariffs that raise their costs and push up prices for customers.
• Tariffs are the main culprit, even after the Supreme Court ruled them unconstitutional, Trump is looking for loopholes to keep them.
• The Iran conflict and the closure of the Strait of Hormuz cut oil and gas supply and choked off fertilizer, raising costs for farmers and food.
• The Fed plans to hold interest rates steady for the rest of the year, so cheaper borrowing is unlikely soon.
• More than a third of small business owners have frozen hiring and about one in ten have laid off workers.

Outlook: Without tariff relief or rate cuts, more small businesses are likely to cut jobs or close in the coming months.