It's going to take some time to figure out the effects of new tariffs on individual companies. But conditions will likely be confusing and frustrating as we figure those out.
For instance, on the eve of President Donald Trump's "Liberation Day" announcements on April 2, the operators of a very unique business in Ottawa, Ontario, still didn't know what tariffs will mean for them, even though there is no U.S. manufacturer they compete with.
The New York Times has a story on the 10-employee Kun Shoulder Rest Inc., which uses nylon, carbon fiber and wood to make — as the company name implies — shoulder rests for violins and violas. Joseph Kun, who immigrated to Canada from the former Czechoslovakia, patented the shoulder rest in the 1970s. The parts attach to the body of the violin to provide a stable, adjustable platform for the instrument when it's being played.
Initial production used wood and steel components, but swapping out plastics and foam created lighter, more adjustable parts. Kun began offering carbon fiber options in the early 2000s.
Its biggest competition comes from shoulder rests made in China and sold at a discount.
Juliana Farha, the company's director, told the Times that Kun has been scrambling to build up stock to ship to the U.S., which accounts for a third of its sales. It also must consider potential retaliatory imports of the specialty nylon resin it imports from a U.S. supplier.
Farha said Kun has found an alternative material supplier in Europe, but it will only ship container-size quantities. That would be a five-year supply for the firm.
"The issue for us is uncertainty," she told the Times.
