Many business owners said new tariffs revealed by the Trump administration will force them to raise prices.

The White House announced new tariffs against more than 60 countries set to go into effect Aug. 7, with rates ranging from 10% to 41%.

President Donald Trump has said tariffs will force U.S. companies to reshore supply chains and increase domestic manufacturing. Many economists and supply chain experts have said that it could take years and cause prices to go up in the meantime.

Consumers likely to see higher prices

The new tariffs will be paid by importers, but economists said many businesses will pass those prices onto consumers.

"If they are going into effect, then I'll have to raise my prices within the next 90 days, because that will affect my next order," said Katrina Golden, founder and CEO of Lil Mamas Sweets and Treats, a coffee and dessert shop in Augusta, Georgia.

Doug Scheffel is the owner of ETM Manufacturing in Littleton, Massachusetts, and said new tariffs could hit his business even sooner within 30 to 60 days in some cases.

New federal data released this week appears to show that previously announced tariffs are already impacting consumers.

Prices rose 2.6% in June compared to a year ago, according to the Bureau of Economic Analysis.

Uncertainty is causing chaos

A panel of small business owners who spoke with Scripps News about the tariffs said the uncertainty was the most challenging factor.

President Trump initially announced tariffs on dozens of countries in April, but since then, country-specific tariffs have been delayed and changed multiple times.

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"My message to President Trump would be just make a decision," Scheffel said. Stop waffling. ... Continuing to be uncertain and not clear is causing chaos.

Not knowing what the exact tariff rates against countries would be and when they would take effect made it difficult to rethink supply chains, according to Ron Kurnik, the CEO of Superior Coffee Roasting Company in Sault Sainte Marie, Michigan.

"If we just knew what the hell was going on here, we could maybe shift our supply chain from Colombia or Brazil to Honduras or Nicaragua or something that would work a little bit better for us going forward."

Companies differ on passing on costs

Procter & Gamble announced this week that it will raise prices on some goods in part due to tariffs. Company leadership said price increases will be in the mid-single digit percentages.

Other companies like General Motors have acknowledged tariffs are taking a bite out of their bottom line, but the carmaker has insisted it wont pass those costs onto consumers shopping for a new car.

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That strategy will only work for so long, according to Sina Golara, an assistant professor of supply chain management at Georgia State University.

"They can eat the prices to some extent just to do good with their market, but your financial resources and inventory cushion, they all run out over time, and you'd have to think about passing that on, he said.

Golden, whose coffee shop is located inside of a hospital, worries that if tariffs go up more, she might need to go out of business.

She says shes done everything she can to not pass higher costs onto customers, including shrinking her margins, but she says she still needs to make a living.

"We're going to do the best we can to keep our prices where they are, she said. However, if prices go up, then we also have to raise our prices accordingly in order to make money. We're in this to make some money, to make a living, to support our families. ... So, we have to do what we have to do."

A batch of new economic indicators was released Tuesday in addition to a new report from the International Monetary Fund about the global economic outlook.

The report and fresh data shed new insight into the state of the U.S. and global economies.

IMF releases global economic outlook

The International Monetary Fund projected global economic growth of 3% for 2025 in a new report released Tuesday.

That projection is down from 3.3% in 2024, but it's an improvement over the 2.8% growth it projected for the year in April, shortly after President Donald Trump initially announced widespread tariffs.

The IMF also upgraded its outlook for the U.S. economy to 1.9% growth this year. That's down from 2.8% last year but better than that 1.8% projected earlier this year.

The IMF labeled its report "Tenuous Resilience Amid Persistent Uncertainty" and noted fears of an economic slowdown eased when President Trump relaxed some previously proposed tariff policies.

"This modest decline in trade tensions, however fragile, has contributed to the resilience of the global economy so far," said IMF chief economist Pierre-Olivier Gourinchas.

China's economy is expected to grow 4.8% this year, and India's is projected to grow 6.4%.

The IMF also upped its projection on world trade growth for the year to 2.6%. That's down nearly a full point from last year but up nearly as much from April. But tariffs are projected to impact trade more next year with the IMF forecasting just 1.9% growth in trade in 2026.

U.S. consumer confidence rises slightly

American consumers are feeling marginally better about the economy.

The Conference Board's consumer confidence index inched up by two points, to 97.2 in July, up from 95.2 in June, according to new data released Tuesday.

Consumers' feelings about their current economic situation dropped slightly.

The Conference Board says consumers are still worried about tariffs and are concerned they could cause prices to increase.

The details of some pending tariffs still aren't certain, but they're still causing concern, according to Jonathan Ernest, an assistant professor of economics at Case Western University.

"People are very concerned that the products they like to buy might go up in price in the very near future and then (they're) breathing somewhat of a sigh of relief knowing that those prices might not rise quite as high as these tariff deals are announced," Ernest said.

Consumer confidence numbers are still well below where they were at the end of last year.

U.S. job openings fall

The Labor Department reported that employers posted 7.4 million open job vacancies in June.

That was down from 7.7 million in May.

Ernest says the June figure points to a "relatively stable" market but fewer job openings isn't a sign that people are finding jobs faster.

He says firms are still hesitant to hire because of uncertainty caused by tariffs.

"There's still some indecision in the air in terms of where policies are going, where tariffs are going," he said. "I think that some institutions are a bit slow to move in, hire someone, bring them into the fold. ... They want to see where things are going and have a little bit more certainty."

President Trump signed an executive order Thursday aimed at dramatically changing how the U.S. approaches homelessness.

It proposes changes to make it easier for states and cities to remove homeless individuals from the streets and provide them with mental health and addiction treatment.

The order pushes for increased "use of civil commitment," for homeless individuals deemed a risk to themselves or others.

The order also prioritizes federal funding for cities and states that crack down on open drug use, urban camping, loitering, and squatting.

The move fulfills a campaign promise from the President.

"When I'm back in the White House, we will use every tool, lever, and authority to get the homeless off our streets. We want to take care of them, but they have to be off our streets," Trump said in a 2023 campaign video.

Opponents of the executive order say it could make homelessness worse.

"I can't underscore how catastrophic it is," said Jesse Rabinowitz, the campaign and communications director at the National Homelessness Law Center.

Rabinowitz says the order doesn't address housing affordability, which he says is the main driver of homelessness. He also worries the vagueness in some parts of the order could lead to mass institutionalizing of the mentally ill.

"The executive order doesn't define what mental illness is. It doesn't define who is set to make that diagnosis. Is it a police officer who's not trained in social work?" Rabinowitz said.

Lisa Dailey, the executive director of Treatment Advocacy Center, says she understands that concern, but believes sometimes outside intervention is best for those suffering with extreme mental illness.

"The people who have the greatest stake in ensuring that their loved ones actually receive care understand the need for there to be some capacity to intervene earlier," Dailey said.

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Last year, more than 770,000 people experienced homelessness in the U.S., the most on record, according to an annual report from the Department of Housing and Urban Development.

Proponents of the order say that figure is proof that policy to address homelessness needs to change.

"When a problem gets as big as it has ever gotten by the normal ways in which we measure that, and a new administration comes in, you get to change the reigning policy," said Stephen Eide, a senior fellow with the right-leaning Manhattan Institute.

Eide says the implementation of new policies will be challenging, because it needs buy-in from both federal and local stakeholders.

The order comes a year after the Supreme Court ruled cities can ban homeless individuals from sleeping outside. The justices said making that illegal would not violate the Eighth Amendment, which prohibits cruel or unusual punishment.

The largest American automaker is feeling the sting of tariffs.

On Tuesday, General Motors reported a more than $1 billion drop in its second quarter profits compared to a year ago.

The company attributes the fall in part to tariffs and says the worst impacts may still be ahead.

President Donald Trump's 25% tariffs on foreign-made vehicles and some car parts are still in effect, and wider country-specific tariffs are set to begin on August 1st.

So far, automakers have eaten the costs of tariffs. But that won't last forever, says Sam Fiorani, the vice president at research firm Auto Forecast Solutions.

"They have to pass them onto the consumer in the longer term. It just doesn't work financially for them to absorb a 10, 20, 30% tariff on all the parts and all the vehicles," Fiorani said.

Shrinking profits for automakers could also force them to cut back on production.

"You're going to see a lot of entry level models going away if the tariffs continue on," Fiorani said. "We're going to see a a lot reduction in choice. We're going to see a lot of reduction in technologies. And we're going to see a higher price on every vehicle."

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The Trump administration claims tariffs will bring supply chains back to the U.S. and increase domestic production.

GM says the company is investing $4 billion in U.S. plants to build more cars in the U.S. It says that will reduce the impact of tariffs.

But vehicles from those new plants won't be ready for another year and a half.