COMMENTARY: What Trump’s policies will mean for Latinos

President-elect Donald Trump’s 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 such as 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 percent, 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 prepandemic Trump years to the Biden administration’s four years in charge. Rising costs for essentials such as health care and housing, along with inflationary pressures, have eroded wage gains. Despite these challenges, the Latino community’s resilience and entrepreneurial spirit remain strong, as does its faith in Trump’s promises to invest in education, workforce development and entrepreneurship. Holding to these promises will benefit Latino communities.

Trump critics often highlight his rhetoric, but for many Latino voters, actions speak louder than words. Economic opportunity and upward mobility resonate far more than partisan labels or political posturing. Trump’s “America First” agenda has 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 percent over the past decade. Trump’s first-term policies contributed to that growth — and they will likely accelerate the future of Latino business with policies such as lower taxes, reduced regulatory burdens and stopping China’s economic, technological and intellectual property predations.

As Latino businesses open, more workers will have good-paying jobs to raise their families. Trump’s focus on United States manufacturing, energy independence and industries such as steel, automotive and oil and gas could see a resurgence, creating pathways for economic mobility. Lower energy costs from domestic production will also give families more disposable income to invest in their savings, education and communities.

Of course, things aren’t entirely rosy for Latinos or other Americans. Inflation is still high, the prices of college, health care and housing continue to bury younger Americans in debt, and trade tensions could increase the prices of commodities. That’s where Latinos have 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. She wrote this for InsideSources.com.