Is Trump good or bad for small businesses?

Whether Trump is “good” or “bad” for small businesses depends a lot on the type of business and which costs matter most to it.

Potential upsides: Supporters point to the 2017 Tax Cuts and Jobs Act, which created the Section 199A qualified business income deduction for many pass-through businesses like sole proprietorships, partnerships, and S-corporations. They also argue that deregulation can reduce compliance costs and make it easier to operate.

Potential downsides: Critics point to tariffs, especially on imports from China and other countries, which raised costs for some small manufacturers, retailers, and contractors that rely on imported inputs. Labor-market effects from immigration restrictions also created hiring challenges for some small businesses in agriculture, construction, and hospitality.

Bottom line: Trump’s policies were likely helpful for some small businesses, especially those that benefited from tax cuts and deregulation, but harmful for others that faced higher input costs or labor shortages. Exact effects can vary by industry, and the long-term picture can change as tax and trade policy evolves.