Ranking Member Markey opened his remarks by sharply criticizing the administration’s tariff policies, saying small businesses face rising costs and falling confidence. “Small businesses are being forced to shut their doors because of president Trump's destructive tariffs,” Markey told the committee.

Administrator Loeffler disputed the premise that tariffs have raised costs for small businesses in the aggregate. When pressed by Markey, Loeffler responded, “No, ranking member Markey. They have not,” and pointed to SBA loan activity and broader economic measures she said indicate strengthening small‑business investment.

Why it matters: several senators said the on‑again, off‑again tariff posture and higher input costs create uncertainty that could cause small firms to cut staff or close, while the administrator said tariffs and related trade actions are part of a broader strategy to restore U.S. manufacturing capacity.

Points of contention and examples
- Ranking Member Markey cited business surveys and examples from a small manufacturer in Akron, Ohio, and an electric‑bike maker in Boston that he said were considering closure because of higher supply costs.
- Senator Hickenlooper and Senator Hirono also raised concerns about tariff-induced uncertainty for small and niche manufacturers and about the time it takes for loans and investments to close.
- Administrator Loeffler said she has heard manufacturers express support for the administration’s trade and manufacturing agenda and repeated that SBA lending and onshoring initiatives are increasing options for U.S. firms.

No legislative action: the hearing recorded these competing accounts as part of the record; senators pressed the SBA on the administration’s trade policy and agency support, but the committee did not adopt a resolution on tariffs.

Ending note
The exchange underscored a divide among senators and the SBA administrator: lawmakers pressed for short‑term relief and clearer measures to protect small firms from tariff impacts, while the administration emphasized long‑term trade goals and financing tools for manufacturers.