President-elect Donald Trump has proposed 25% import tariffs on America's largest trading partners, Canada and Mexico, along with an additional 10% tax on imports from China — raising questions about their impact on small businesses.

Hello Alice Co-Founder and President Elizabeth Gore joins Wealth! Host Brad Smith to discuss how tariffs could drive up the cost of goods in sectors like food, textiles, and electronics, stating that many small businesses are "just not prepared for this" in the short term.

However, Gore also sees long-term opportunities, including job creation and the reshoring of supply chains, which could boost small businesses in the future.

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This post was written by Cindy Mizaku.