President-elect Donald Trump’s economic agenda will put workers and entrepreneurship first, from tax cuts and deregulation to a tough stance on China. It was those policies that drove Latinos to support him in record numbers.
Those Latinos may be the most significant beneficiaries of those policies, from consumers to workers in industries like construction and energy to small business entrepreneurs.
Like most Americans, Latino voters prioritized economic policies over other hot-button issues in November. This trend was evident in battleground states, where many Latinos supported Trump’s domestic agenda — and no wonder. During Trump’s first term, the unemployment rate for Hispanics hit a record low of 3.9% in 2019, and wages rose across industries. The Tax Cuts and Jobs Act of 2017 enabled Latino-owned businesses to reinvest and expand, driving economic growth, bigger paychecks and more job opportunities.
Contrast the pre-pandemic Trump years to the Biden administration’s four years in charge. Rising costs for essentials like healthcare and housing, along with inflationary pressures, have eroded wage gains for Americans. Despite these challenges, the Latino community’s resilience and entrepreneurial spirit remain strong, as does their faith in Trump’s campaign promises to invest in education, workforce development and entrepreneurship.
Trump’s “America First” agenda has consistently emphasized job creation and pro-business policies in each of his runs for office, a message that resonates with the thriving entrepreneurship culture in Latino communities.
Again, these aren’t hopes and dreams. According to the U.S. Hispanic Chamber of Commerce, Latino-owned businesses grew 34% over the last decade. Trump’s first-term policies contributed significantly to that growth — and they will likely accelerate the future of Latino business with policies like lower taxes, reduced regulatory burdens, and stopping China’s economic, technological, and intellectual property predations.
Trump’s focus on American manufacturing, energy independence, and industries like steel, automotive, and oil and gas could see a resurgence.
Of course, things aren’t entirely rosy for Latinos or other Americans. Inflation is still high, the prices of college, healthcare, and housing continue to bury younger Americans in debt, and trade tensions could increase the prices of commodities. That’s where Latinos have always thrived in America — under pressure, as long as fundamental opportunities for work and entrepreneurship are present.
The 2024 election underscored a profound truth: Latinos are critical players in America’s economic and political present and future. Trump is setting the standard for policymakers, business leaders and investors: prioritize partnerships with the Latino community, recognize our role as a cornerstone of America’s future prosperity, and understand that we are an engaged voting block that will vote with, and for, our wallets.
Gabriela Berrospi is a Peruvian-born entrepreneur and financial educator dedicated to empowering the Latino community through financial literacy/InsideSources
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