The top goods being impacted by tariffs right now are farming equipment, motor vehicles, health care equipment, and products made with steel and aluminum. I agree with the view that many small businesses won’t be impacted by these tariffs directly, but much depends on the specific industry; for example, are goods locally sourced or imported from abroad? Keep in mind trickle-down effects as costs go up and prices start to rise.

The past five years have seen all kinds of new businesses develop because consumers are spending. We’re buying craft beer, natural and organic products, high-end electronics, and we’re going out to eat, traveling, and having fun.

Our portfolio at P2Bi is filled with emerging brands who are growing quickly due to high demand for niche products. Overall, high consumer confidence is good for business owners. A big risk of the trade war is that prices rise and consumers have less disposable income.