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.

Brazilian President Luiz Inacio Lula da Silva said on Thursday that tariffs implemented by U.S. President Donald Trump should cause higher inflation, criticizing the Republican's trade policies as "not the right thing to do".