## Tariffs, Tension, and Tight Margins

#### **Rising tariffs are reshaping borrower financials in real time. This guide breaks down where those impacts show up on a P&L.**

When tariffs rise, lenders can’t afford to wait and see.

In Q1 2025, the U.S. reimposed tariffs on a wide range of imports—from steel and aluminum to solar panels and EVs. While these policies are aimed at reshaping global trade, the immediate impact is landing squarely on U.S. small businesses.

At Ned, we unpacked how rising tariffs are distorting supply chains, squeezing margins, and creating knock-on effects across regional economies and what that means for loan sizing and borrower fit.

**Download Underwriting Amidst Uncertainty** [**https://docsend.com/view/7xfkpnaawpy4dpkh**](https://docsend.com/view/7xfkpnaawpy4dpkh)

Published

April 1st, 2025

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