As Donald Trump begins his second term as president, business leaders around New York are keeping an open mind about the next four years and the changes Trump may bring.
Though there are concerns about potential impacts from immigration crackdowns and tariffs, those who spoke with amNewYork Metro about the change in command at the White House held out hope for more positive outcomes that protect the best interests of businesses around the Big Apple, and keep the economy moving forward.
In New York City’s restaurant industry, concerns center around inflation and immigration. Right after his inauguration on Jan. 20, Trump signed several executive actions aimed at increasing military presence at the border, suspending asylum, and attempting to end birthright citizenship.
“The restaurant industry employs immigrant workers, prompting concerns for their well-being and their families,” said Andrew Rigie, Executive Director of NYC Hospitality Alliance. “There are also worries about the impacts of tariffs, which could further increase the cost of running a business and dining out.”
Inflation is a huge concern for businesses, particularly with Trump’s proposed tariffs on goods from China, Mexico, and Canada. The proposed tariffs would increase by 10% for China and 25% each for Canada and Mexico.
Jessica Walker, President and CEO of the Manhattan Chamber of Commerce, told amNewYork Metro that the chamber is willing to work with any presidential administration that focuses on supporting small business owners and entrepreneurs, but there are challenges ahead.
“Many are contending with inflation and rising costs, changes in consumer spending, and onerous local regulations,” said Walker.
If enforced, the tariffs would impact more than $22 billion in U.S. products.
“We are also prepared to defend our local businesses and the industries that are central to New York’s economy should the need arise,” said Walker. “For example, the proposed tariffs on goods from Canada, Mexico and China have the potential to be very detrimental to our small businesses and we are following the plan closely.”
During his campaign, Trump promised that part of his financial plan during his presidency would be to eliminate workers’ tips from federal taxes. Former Vice President Kamala Harris shared this sentiment during her presidential campaign.
Though it was not clear if the elimination of tax on tips would come from income taxes or the payroll tax.
Rigie told amNewYork Metro that the industry has hopes that Trump will uphold this part of his campaign promise.
