Tariffs are back in the headlines. At midnight on Friday, July 24, a new set of U.S. tariffs took effect — duties of 10% to 12.5% on roughly 60 trading partners — replacing a global tariff that expired at the same time. But as many observers have noted, this round feels different in one important way: businesses saw it coming.

Unlike the sudden policy shifts of 2025, this change did not catch business owners off guard. After more than a year of navigating an ever-changing trade landscape, many small business owners have learned to treat tariffs as a constant rather than a surprise — a shift reflected in the latest BizBuySell Q2 2026 Insight Report data.

To understand how tariffs are reaching small businesses, BizBuySell surveyed owners for its Q2 2026 Insight Report, which tracks the health of the U.S. small business economy. The results reveal a notable pattern: relatively few owners pay tariffs directly, yet many still feel their effects.

• Just under 11% reported paying tariffs directly last quarter
• 40.6% said they never paid tariffs at all
• 36.4% said that while they didn't pay tariffs directly, they still absorbed higher costs passed down from suppliers and vendors

As one owner put it: "Multiple subcontractors and suppliers blamed tariffs for price increases."

This indirect pressure is what matters most for Main Street. Even a business that imports nothing can see its costs rise when suppliers raise their prices. That same pressure appears elsewhere in the Q2 data, where the rising cost of goods topped the list of factors driving business expenses higher.

The brokers who facilitate business sales every day tend to have an early read on what worries Main Street — and tariffs are not at the top of their list. When asked to name their top concern for the remainder of 2026, just 3.5% of brokers pointed to tariffs. Their greater concerns lie elsewhere:

• Recession — 29%
• Ongoing international conflicts — 26.6%
• High interest rates — 23.9%

That low ranking doesn't mean tariffs have stopped affecting businesses, but rather that they have become a known factor. Brokers still see the effects firsthand. "I am coming across many businesses that are experiencing worsening financial conditions due to tariffs, inflation, etc.," one broker noted, while another observed that continued tariff uncertainty is making some buyers slower to commit.

The difference is that after a turbulent 2025, tariffs have become a cost many businesses have learned to anticipate and manage.

For some businesses, the shift is even creating opportunity. As one broker observed:

The same uncertainty weighing on import-reliant businesses is making steady, service-oriented ones more appealing to buyers. This is an important consideration for anyone currently evaluating a business acquisition or preparing a business for sale.

The trade landscape remains unpredictable, and the broader backdrop — from renewed geopolitical tensions to a watchful Federal Reserve — adds to the uncertainty small business owners face. Even so, the through-line of the Q2 data is one of steady adjustment rather than alarm.

Having navigated more than a year of shifting trade policy, many Main Street businesses have grown more informed, more nimble, and better prepared for what comes next.

For those buying or selling a business in today's market, the takeaway is clear: stay informed, understand where tariff exposure actually lies, and recognize the lasting value of businesses built to adapt. Resourcefulness and adaptability remain Main Street's greatest strengths.

Source: BizBuySell Q2 2026 Insight Report. For personalized guidance on buying or selling a business in the current market, contact Heinz Business Group at [email protected] or (312) 953-2873.