Trump’s New Economic Policies Could Have A Detrimental Impact On Black Businesses, Yet Some Opportunities May Exist

by Jeffrey McKinney December 17, 2024 Black businesses could possibly see their growth hindered by Trump’s economic agenda on many fronts. A sizeable 24% of Black-owned businesses operate in sectors dependent on imports affected by tariffs. Due to the projected tariffs the Donald Trump administration proposes, the annual revenue loss for those businesses could range from $1.8 billion to $3.6 billion. That estimate is based on an analysis by William Michael Cunningham, an economist and CEO of Creative Investment Research. And it’s just one possible game-changing example of what challenges Black businesses could face once Trump begins his second term as president. Though the impact of the new policies is unclear, a group of Black economists agrees that they could harm Black businesses struggling to compete against larger and financially stronger non-diverse peers. Trump’s proposed policies could raise the cost of consumer goods, increase government debt, and raise the cost of living for people making under $100,000. There is also uncertainty about how his leadership will impact the Federal Reserve’s ability to control interest rates. TRUMP’S AGENDA MET WITH CONCERN FROM BLACK ECONOMISTS    BLACK ENTERPRISE interviewed several Black economists to understand what the next four years could look like under...