Welcome to April 2025, where the news cycle has become less “breaking” and more “breaking your will to live.” And while we’d love to be writing about spring concerts, our favorite beers, or the state of Richmond’s cultural renaissance, here we are—kicking off mid-week with something that feels a little more economically ruinous. Trump’s tariffs. They’re on. They’re off. They’re on again. Except this time, they’re V8 supercharged and barreling at us at 180mph.
If you missed the news (honestly, good for you), President Trump, as part of his self-proclaimed ‘Liberation Day’ slapped a 10 percent blanket tariff on all imports. That’s right—everything. China? Try 125 percent. Europe? Try 20 percent. Japan and South Korea? Taxed. The administration’s argument, which has been mostly rejected by CEO and economists alike, is that by fixing the trade deficit (which isn’t actually a deficit) we’ll usher in a golden age of American manufacturing and prosperity. Or if you’re France’s Finance Minister you simply state the obvious, it’s “idiotic.”
Even if the tariffs are paused, this kind of economic whiplash will inevitably be transferred to the consumer, and be harder to swallow than a warm, half-drank PBR sitting on an Oregon Hill porch in mid-August. Welcome to the third economic crisis of your lifetime.
Nationally, the ripple effects are already coming into focus. Almost $10 trillion was wiped from the stock market, major manufacturers are scrambling to reroute supply chains, and small businesses—especially those without the cushion to absorb higher costs—are being hung out to dry without a plan. Economists are throwing around the word “stagflation” again like it’s 1979 and recession fears are becoming increasingly likely.
Locally? It’s even tougher. Virginia trades more than $70 billion internationally each year. But with key partners like China and the EU getting hammered, Richmond-area businesses are bracing for a supply chain chokehold that could stretch all the way to your favorite bar, shop, or record store.
Nevertheless, tariffs are policy, and policies change, but the damage is already done. The economy hates uncertainty and nothing screams uncertainty louder than impulsive protectionism dressed up as economic planning. Long-term, this isn’t just about higher prices, it’s a crisis of credibility that impacts all levels of our economy.
To see how this is going to impact Richmond, we reached out to a cross-section of local businesses to get an idea on how the tariffs are likely to affect them, and by consequence—you. Pay attention. 2025 is going to be a wild ride.
Plan 9
“I don’t know how any business is making plans right now with the seesaw effect that’s going on,” said Jim Bland from Plan 9 Records in Carytown. “Record pressing certainly happens in this country, but also in other countries like the Czech Republic, Japan and even China. For a lot of vinyls, the record covers come from places like Canada. There’s one big plant that handles this.”
Given the impact of the tariffs, we wanted to know if this would increase costs of vinyl. Bland said, “We’ll certainly have to pass on some of it, but that’s not been determined yet.” He went on to say that once they start feeling the effects they’ll have to start looking at each label or distributor individually. “We’re also worried that once they jack up the prices, they’ll keep them there, just because they can. It’s a concern for us.”
Much more devastating to vinyl collectors everywhere, Plan 9 might just choose to not import certain records. “We might not bring in certain titles or just say, ‘ok, we’ll order it for you, but this is how much it’s going to cost.'” The good news, original pressings and vintage records are likely to stay at the same cost, “I don’t see us finding a reason to raise those any higher than what the market is,” said Bland.
Rumors Boutique
Marche Wyche from Rumors Boutique, told us, “When we originally opened in 2007, we were living through the Great Recession. We struggled for years and fought to survive. When we finally found stability, then we had to embrace the COVID era. People forget that we are still in recovery from a global depression that we experienced during COVID.”
While the tariffs might not impact Rumors Boutique directly, she said there are indirect ways it could affect business. “Our operational costs may increase if tariffs affect things like shipping supplies, cleaning products, or even the cost of utilities and rent due to broader inflationary pressures.” When asked if she would have to raise prices or cut back on staffing if that happened, she said, “We’re doing everything we can to avoid layoffs—we’re a community-centered business and our staff is the heartbeat of what we do. But if the overall cost of doing business keeps rising, we might need to raise prices modestly. We’ll always aim to keep things affordable, though, especially for our college and working-class shoppers.”
Wyche finished by saying something deeply relatable, “It’s tough running a business where you can’t plan ahead because daily politics are controlling your revenue. The stress is felt on every level, and the strain is felt by the employees as well as the customer, but the community becomes the real victim.”
Urban Set Bride
Up in Churchill, Christine Haines Greenberg, who runs Urban Set Bride, told us in an email, “We are an Army family (my Dad served 24 years, mostly overseas) who would love to see this country transform into a more self-sustaining economy.” But she went on to question the strategy behind the tariffs, “Where is the plan? Are we going to start teaching kids in middle and high school sewing, pattern and print-making?” For her business to operate at scale under tariffs, the costs would be prohibitive for one-time use garments like a wedding dress.
According to Greenberg, almost 80 percent of all wedding gowns in the US are made overseas, specifically in China. “As of today (April 9th) there is a 104 percent tariff on Chinese imports.” She said they are in constant communication with their retailers, and they will absorb some of the cost, but she said this was not sustainable. “Until something changes again, [we are] implementing a $175 tariff fee onto every invoice.”
Her worries are real, “We are one of the few black-owned bridal gown stores in the country. We made it through a global pandemic. And now, I fear, we won’t survive the year.” She also gave some advice for engaged couples right now, “Give ALL of these small business owners in the wedding industry some grace when it comes to how much things cost…If you are able, buy as many things for your wedding now.”
MSE Properties
“It’s not as clean as you might think,” said Matt Smith, Principal Broker of MSE Properties, when asked about the impact to Richmond’s housing and real estate market. “The market in Richmond always comes down to exuberance vs. caution and we’ve been exuberant for the past five years. Unfortunately, uncertainty creates caution, which leads to trepidation in the housing market. When people wait and see, it has a cooling effect.”
With the housing crisis of 2008 still a recent memory, we asked about the possibility of something similar happening as a result of the tariffs. Smith was quick to ease those fears, “The root of this disease is not housing. We’re a long way from there. At the end of the day this is down to one man [President Trump] who is a carnival barker. The impact will take much long longer to assess.”
The immediate impact for housing will be on construction materials like lumber from Canada and drywall from Mexico. “Construction costs will increase and investors will sit this one out. In Richmond, we’re likely to see more contract to build with tariffs, as opposed to construct to sell.” Smith also said things have been crazy in the housing market since the pandemic, so a cooling off phase is not necessarily a bad thing and will advantage buyers in the city, especially if interests rates are cut due to recession fears.
Rostov’s Coffe and Tea
Rostov’s Coffee and Tea, a roastery staple on Main Street, said in a post on Instagram, “It’s important to us to keep our customers informed about upcoming changes and challenges we’re facing.” The post went on to say that the tariffs will impact price point to buy coffee because America doesn’t grow its own coffee and therefore has never fallen under tariff regulations. “We are asking for your patience and understanding as these factors begin to affect prices in the next few weeks.”
Like Plan 9, Rostov also made a point to communicate that this is not an opportunity to take advantage of potential price increases. “One of the most important things we want to communicate is that we do not see the tariffs as an opportunity to exploit pricing, but as an expense which we will need to cover to continue supporting our business and staff.” Their Instagram post closed by saying, “We are trying to make the most informed decisions by following developments, talking to our importers, and listening to our customers… We appreciate your support!”
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