A burst of optimism among companies after Donald Trump won the U.S. presidential election has faded as business leaders grapple with potentially negative policies of the new White House.

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.

U.S. President Donald Trump said on Wednesday he will announce tariffs related to lumber, cars, semiconductors and pharmaceuticals "over the next month or sooner." "I'm going to be announcing tariffs on cars and semiconductors and chips and pharmaceuticals,

The commerce secretary said Trump's aim is to "abolish the Internal Revenue Service and let all the outsiders pay."