Small businesses have so far been optimistic about the new Trump presidency. But a new study paints a different picture.
According to a new Yahoo (NASDAQ:YHOO) Aabaco small business survey, 52 percent of small business owners feel the Trump administration will have a negative impact on their business.
The state of economy and potential impacts on trade are the biggest cause of small business worry. In addition, business owners are worried about the new administration’s immigration policy.
Small Business Worries About President Trump
Small Businesses Are Worried, Finds Survey
Small businesses want the Trump administration to reassess tax policies and focus on improving trade relations with other countries.
“We import a lot of raw ingredients from around the world, many of our bottling products come from Mexico. A 20 percent tax will raise our cost that we will have to pass on to the consumer,” said a Yahoo Aabaco small business customer in Vermont.
Many are concerned with the immigration laws and their effect on their business.
“The same impact it will have on the rest of the country — total disaster! It would be great if he could slash taxes (for everyone) and make the tax code simpler. Unfortunately, instead of focusing on something that can really have a positive impact he’s trying to spend billions we don’t have on more military, more police, a wall, deporting the people that harvest and cook our food, clean up after us, watch our children and do all the jobs most Americans won’t do,” said a Yahoo Aabaco small business customer in New Mexico.
Some Businesses Still Feeling Positive
About 48 percent of the surveyed business owners still believe President Trump will have a positive impact on their business.
Twenty-two percent cite Trump’s plans to slash taxes and simplifying the tax code as their reasoning to feel optimistic. About 15 percent feel his plans to repeal the Affordable Care Act will benefit their business.
A Yahoo Aabaco small business customer in Vermont said, “Removing regulations, lowering taxes, repealing Obama care will get this country back on a leading track in the world and create many much needed jobs in this country.”
President Donald Trump Photo via Shutterstock