The S&P index had surged in December after Trump’s win on the expectation that the old-now-new-again president would pursue business-friendly policies. Yet the president’s constant threats of tariffs on foreign countries has also unnerved businesses.

U.S. business activity nearly stalled in February amid mounting fears over tariffs on imports and deep cuts in federal government spending, erasing all the gains notched in the aftermath of President Donald Trump's election victory.

American companies of all sizes are on edge over President Donald Trump’s tariffs, but it’s arguably small business that is most exposed. Many smaller firms say they’re having to hike prices, freeze expansion plans or absorb a hit to already-thin profit margins as import bills climb.