The trade war between the United States and China that has roiled global stock markets and raised fears of an economic slowdown is now weighing on small businesses, according to the latest CNBC|SurveyMonkey Small Business Survey.
One in five small-business owners do business with China, most by importing Chinese goods and services to the United States. For many, their bottom lines take a hit every time new tariffs are announced.
These 20 percent of small-business owners are driving much of the pessimism regarding trade, as they are about twice as likely as everyone else (47 percent vs. 24 percent) to expect their businesses to suffer from trade policy changes in the next 12 months.