Small businesses say they fear Trump's tariffs: "A devastating impact"

Many U.S. small businesses could face a financial crunch as President Trump's reciprocal tariffs take effect on Wednesday, slapping new import duties on products from almost every nation across the globe. 

Some small businesses told CBS News they're worried about the impact from the sharp increase in tariffs that they'll soon be required to pay to the federal government. After paying the levies, they said they'll be left with two choices: raise the prices they charge customers or swallow the costs and take a financial hit. 

Small businesses, generally defined as enterprises with fewer than 500 employees and revenue of less than $7.5 million, account for almost half of all private-sector employment in the U.S. But they're also more vulnerable to tariff costs because they don't have the deep pockets or financial flexibility of large businesses, noted Aaron Terrazas, an economist at Gusto, which provides payroll and HR services to small and midsize businesses.