President Donald Trump’s decisive victory has set the stage for an ambitious agenda that I believe will boost our economy and usher in a new era of growth for small businesses, including the hundreds of thousands of Hispanic entrepreneurs who collectively contribute over $90 billion to Florida’s economy.
However, economies are fragile, and businesses need freedom to grow and succeed. As Trump assumes leadership, I am confident he will provide the course correction our nation needs. To achieve this, he must adopt smart, thoughtful policies — particularly regarding tariffs — and ensure businesses have the tools they need to thrive.
It’s obvious we need better trade deals, but it is also crucial to remember that failing to use a thoughtful approach could unintentionally harm important U.S. industries. While recent days have displayed Trump’s use of tariffs as a negotiation tactic, a sudden implementation of broad tariffs could easily result in higher prices. That’s the last thing consumers or business owners in Florida want after four years of mismanagement under the Joe Biden administration.
Floridians experienced the weight of high inflation these last few years and, although it has since dropped, a recent study from Florida Atlantic University shows that high prices are likely to stick around.
However, if Trump is selective in how he applies his tariffs, we can avoid the impacts of a longer-than-necessary economic recovery and bring relief to Florida families and the small businesses they buy from every day. Excluding non-essential industries with low security implications for our trade policy is necessary to ensure our economy does not go into a tailspin.
A good example is the toy industry. The majority of toys in the U.S. are manufactured in and exported from China. Blanket tariffs on China would impact those exports and raise prices on a low-margin category such as toys, meaning American families will see prices rise significantly when they get their receipts in the 2025 holiday season.
But another more problematic outcome is that higher prices on toys could drive families to buy fewer toys or seek out less expensive counterfeits from other online sellers. This could be devastating for small businesses like a family-run toy company or your local toy and game store. Chinese-owned websites like Temu, which sell untested and possibly unsafe knockoffs, would suddenly flood the U.S. market, seizing on newfound demand.
This sort of domino effect is the last thing either consumers or retailers need, and by excluding industries like the toy sector, Trump can both avert safety concerns and avoid breaking his campaign promise to lower prices. Are American children and small businesses really the ones we want to be negatively impacted as we fight for fair economic treatment from our international trade partners?
I have every confidence that Trump will govern sensibly and pragmatically and prioritize the needs of the businesses that move our economy forward. The threat of tariffs can be an effective negotiating tactic. But carefully considering which sectors to exclude to make sure unintended harm is not caused to small, family-owned businesses is core to getting the desired outcome.
By striking the right balance with tariffs, Trump can deliver on his promise to grow the economy without jeopardizing the small businesses that fuel it.
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Julio Fuentes is president and CEO of the Florida State Hispanic Chamber of Commerce.
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