A Beverly Hills entrepreneur went on an emotional rant on CNN on Thursday, angrily warning that President Donald Trump’s tariffs are crushing everyday businesses, hurting ordinary Americans, and could push the country into a serious economic downturn. She said these policies could end up being the final blow that wipes out small businesses across the country.
Tara Riceberg, who owns Tesoro, a luxury gift store, spoke with fill-in host Phil Mattingly on CNN’s The Lead about how Trump’s economic decisions are affecting people like her. Her appearance came just days after her shop was destroyed by a fire on Christmas Day, wiping out a business she had already been struggling to keep alive since the pandemic.
Riceberg said that everything she fought to protect over the past few years is now gone, and rebuilding could cost far more than she can manage. As she spoke, it was clear she was furious and overwhelmed by how expensive it has become just to stay in business.
She said the tariffs are not some abstract policy but real taxes that Americans are paying every day. According to her, many people believe the tariffs are around 30 percent, but that is far from the truth. She explained that many of the European products she sells are now being hit with tariffs as high as 65 percent and in some cases as extreme as 167 percent.
Because of this, she said she can no longer afford to import products for her store at all. The costs are so unpredictable that planning ahead has become impossible. There is no way to budget, forecast, or prepare, and business owners are simply waiting anxiously to see what happens next.
She also explained that customers are clearly feeling the strain of the economy. People are spending less money, even on basic things. To show how widespread the impact is, she said she can no longer afford something as simple as keeping her hair blonde. Costs have gone up everywhere, from packaging to products to everyday personal expenses. She said there is not a single part of her business that has not been affected by what she called illegal taxes.
All she sees now, she said, is money going out with nothing coming back in. That reality has left her scared and deeply frustrated about the future.
Riceberg warned that small businesses cannot survive under this kind of pressure. She said Main Street is being destroyed, and if the country is not already in a depression, it could soon be heading there. In her view, these tariffs are pushing small businesses toward collapse and may be the final nail in the coffin for many of them.
Her emotional outburst visibly stunned Mattingly, who paused the conversation and gently asked how she was holding up, admitting he had dozens of questions but was first concerned about her well-being.
Riceberg said she sees herself as someone who fights for retail workers and business owners and simply wants to see her country and local stores succeed. She urged people watching at home to take action by supporting local shops and contacting their elected representatives.
She said business owners are hurting and people need to speak up, make noise, and let leaders know just how bad things have become.
