DENVER — At downtown Denver Scandinavian clothing retailer Aktiv, every sweater, hat, and base layer is imported – and owner Nate Axvig says his profits have taken a significant hit from Trump's global tariffs.
"In real dollars that cost us, last fall, $25,000 more than we had expected to spend," said Axvig.
On Friday, the U.S. Supreme Court ruled 6-3 that the International Emergency Economic Powers Act does not give President Donald Trump the authority to impose tariffs, leaving small business owners like Axvig cautiously optimistic.
But within hours, Trump announced on Truth Social a new 10% tariff, then on Saturday morning, he hiked it up to 15%.
"Our partners overseas are questioning, like, 'What is the next step?' And the answer is, who knows?" said Axvig.
Last spring, a coalition of 12 state attorneys general, including Colorado Attorney General Phil Weiser, filed a lawsuit challenging the president’s tariffs.
"I'm not surprised to see President Trump trying to push the envelope. But here's the important point – under other authority, he might claim there are real restrictions on what he can do. We're going to make sure he follows those restrictions. We're going to make sure that the rule of law holds," Weiser told Denver7 on Saturday.
In the meantime, Axvig is joining a coalition of nearly 1,000 small businesses called We Pay The Tariffs, signing on to a letter demanding tariff refunds from President Trump and Congress.
So far, 18 Colorado businesses have signed the letter.
"The onus is really on the government to give this money back," said Dan Anthony, executive director of We Pay The Tariffs.
Anthony says Colorado businesses paid $1.1 billion in tariffs from March through December last year.
With the latest announcement, he warns that the situation has become more uncertain.
"All of those great things that these business owners have told us they could do with that refund money become a whole lot less certain," said Anthony.
When asked how he’s planning with 15% tariffs looming, Axvig was blunt:
"You can't. That predictability is the number one thing that you need as a bedrock in business, and it's taken away completely,” he said.
