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Financial Expert: Trump’s Tariffs Could Bring Economic Pain to Black and Brown Communities

NNPA NEWSWIRE — Mexico and Canada each send more than 80 percent of their exports to the United States, and retaliatory tariffs from these countries could have severe consequences

Published

4 months ago

February 3, 2025

Stacy M. Brown

By Stacy M. Brown
NNPA Newswire Senior National Correspondent
@StacyBrownMedia

President Donald Trump’s sweeping tariffs on Canada, China, and Mexico—America’s largest trading partners—have already begun to rattle markets and consumers. The policy, which imposes a 25 percent tax on all imports from Canada and Mexico and a 10 percent tariff on Chinese goods, is being framed as an aggressive move to curb migration, drug trafficking, and China’s role in fentanyl production. However, the economic consequences are already being felt, with financial markets in turmoil and everyday Americans bracing for price hikes in critical sectors such as fuel, food, and automobiles.

Financial expert Allan Boomer, a seasoned Wall Street veteran with more than two decades of experience, discussed the economic fallout in an interview with the Black Press. Boomer, who spent years advising institutional clients and managing multi-million-dollar investment portfolios at Goldman Sachs before founding his firm Momentum Advisors, assessed the current financial landscape. “The markets are constantly moving,” Boomer said. “The Dow was down a bunch earlier today, but it’s already rebounding somewhat. Still, what the market is really bracing for is an all-out trade war.”

Boomer pointed to the deep economic ties between the United States and its neighboring trading partners. “Mexico and Canada each send more than 80 percent of their exports to the United States, and retaliatory tariffs from these countries could have severe consequences,” he said. “The ultimate loser in this situation is the consumer. Ultimately, this results in higher prices.” Gas prices in the Midwest have already risen by as much as 50 cents per gallon, as Canada and Mexico supply over 70 percent of crude oil imports to U.S. refineries. The auto industry is also seeing immediate effects, with tariffs threatening to add as much as $3,000 to the price of some vehicles. Meanwhile, grocery costs are expected to rise, as Mexico supplies more than 60 percent of America’s vegetable imports and nearly half of its fruit and nut imports.

“We’re going to feel this in Black and brown communities,” Boomer said. “Any community that spends money as a high percentage of their wealth—whether Black, white, or Latino—is going to be hit hard. But for Black and brown people, who statistically spend the most as a percentage of wealth, the impact is going to be severe.” Boomer questioned the broader strategy behind Trump’s trade policies, noting that while the administration touts these tariffs to strengthen the U.S. economy, the reality may be different. “This is a president who said he would strengthen the United States at the expense of our partners,” Boomer said. “But what you’re seeing is that it’s really at our own expense. We import a bunch of things—lumber, oil, tequila, avocados—and these tariffs have big knock-on effects in our economy on a day-to-day basis.”

Trump has positioned tariffs as a tool to pressure Canada and Mexico to make policy concessions. “Trump is looking to leverage these tariffs for some sort of win,” Boomer said. “For example, he’s pointing out that U.S. banks can’t operate in Canada, and he’ll try to push for some small victories, but the question is, does anyone care?”

With markets in flux and fears of an economic downturn growing, Boomer advised investors to think long-term. “You can’t invest just for today—you have to invest for tomorrow and for 10 years down the road,” he said. “Right now, we’re in a really challenging political climate, but in the next two years, with the midterms, we might see a backing off of these extreme positions.” Boomer encouraged investors to consider where they put their money. “I’d be wary of companies that are backing off their DEI (Diversity, Equity, and Inclusion) initiatives,” he said. “I just don’t think companies that aren’t inclusive in hiring are going to do well in the long run.”

He also urged investors to be mindful of who is managing their money. “Am I investing in funds managed by diverse professionals or am I turning my money over to non-diverse money managers?” he asked. “These are things people should be paying attention to in this climate.” National Urban League President Marc Morial addressed broader concerns about Trump’s policies on federal assistance, which could leave millions of Americans without critical support, including food assistance, education funding, small-business grants, and VA benefits for veterans.

“This administration’s reckless action has already stirred widespread chaos and may cause recessionary impacts such as increased poverty, job losses, and economic stagnation,” Morial said. “This is not a blueprint to ‘Make America Great Again.’ This is not putting ‘America First.’ This is leaving millions of Americans behind.”

Stacy M. Brown

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#NNPA BlackPress

Black Feminist Movement Mobilizes in Response to National Threats

BLACKPRESSUSA NEWSWIRE — More than 500 Black feminists will convene in New Orleans from June 5 through 7 for what organizers are calling the largest Black feminist gathering in the United States.

Published

3 days ago

May 30, 2025

Stacy M. Brown

By Stacy M. Brown
Black Press USA Senior National Correspondent

More than 500 Black feminists will convene in New Orleans from June 5 through 7 for what organizers are calling the largest Black feminist gathering in the United States. The event, led by the organization Black Feminist Future, is headlined by activist and scholar Angela Y. Davis. Paris Hatcher, executive director of Black Feminist Future, joined Black Press USA’s Let It Be Known to outline the mission and urgency behind the gathering, titled “Get Free.” “This is not just a conference to dress up and have a good time,” Hatcher said. “We’re building power to address the conditions that are putting our lives at risk—whether that’s policing, reproductive injustice, or economic inequality.” Hatcher pointed to issues such as rising evictions among Black families, the rollback of bodily autonomy laws, and the high cost of living as key drivers of the event’s agenda. “Our communities are facing premature death,” she said.

Workshops and plenaries will focus on direct action, policy advocacy, and practical organizing skills. Attendees will participate in training sessions that include how to resist evictions, organize around immigration enforcement, and disrupt systemic policies contributing to poverty and incarceration. “This is about fighting back,” Hatcher said. “We’re not conceding anything.” Hatcher addressed the persistent misconceptions about Black feminism, including the idea that it is a movement against men or families. “Black feminism is not a rejection of men,” she said. “It’s a rejection of patriarchy. Black men must be part of this struggle because patriarchy harms them too.” She also responded to claims that organizing around Black women’s issues weakens broader coalitions. “We don’t live single-issue lives,” Hatcher said. “Our blueprint is one that lifts all Black people.”

The conference will not be streamed virtually, but recaps and updates will be posted daily on Black Feminist Future’s YouTube channel and Instagram account. The event includes performances by Tank and the Bangas and honors longtime activists including Billy Avery, Erica Huggins, and Alexis Pauline Gumbs. When asked how Black feminism helps families, Hatcher said the real threat to family stability is systemic oppression. “If we want to talk about strong Black families, we have to talk about mass incarceration, the income gap, and the systems that tear our families apart,” Hatcher said. “Black feminism gives us the tools to build and sustain healthy families—not just survive but thrive.”

Stacy M. Brown

Posts by Stacy M. Brown

#NNPA BlackPress

Hoover’s Commutation Divides Chicago as State Sentence Remains

BLACKPRESSUSA NEWSWIRE — Hoover was convicted of murder and running a criminal enterprise. Although some supporters describe him as a political prisoner, the legal and public safety concerns associated with his name remain substantial.

Published

4 days ago

May 29, 2025

Stacy M. Brown

By Stacy M. Brown
Black Press USA Senior National Correspondent

The federal sentence for Gangster Disciples founder Larry Hoover has been commuted, but he remains incarcerated under a 200-year state sentence in Illinois. The decision by Donald Trump to reduce Hoover’s federal time has reignited longstanding debates over his legacy and whether rehabilitation or continued punishment is warranted. The commutation drew immediate public attention after music executive Jay Prince and artist Chance the Rapper publicly praised Trump’s decision. “I’m glad that Larry Hoover is home,” said Chance the Rapper. “He was a political prisoner set up by the federal government. He created Chicago Votes, mobilized our people, and was targeted for that.”

But Hoover, the founder of the Gangster Disciples, is not home—not yet. Now in federal custody at the Florence Supermax in Colorado, Hoover was convicted of murder and running a criminal enterprise. Although some supporters describe him as a political prisoner, the legal and public safety concerns associated with his name remain substantial. “There is a divide in the Black community here,” said Chicago journalist Jason Palmer during an appearance on the Let It Be Known morning program. “Some view Hoover as someone who brought structure and leadership. Others remember the violence that came with his organization.” Palmer explained that while Hoover’s gang originally formed for protection, it grew into a criminal network responsible for extensive harm in Chicago. He also noted that Hoover continued to run his organization from state prison using coded messages passed through visitors, prompting his transfer to federal custody.

Illinois Gov. J.B. Pritzker, who is widely considered a potential 2028 presidential contender, has not issued a statement. Palmer suggested that silence is strategic. “Releasing Hoover would create enormous political consequences,” Palmer said. “The governor’s in a difficult spot—he either resists pressure from supporters or risks national backlash if he acts.” According to Palmer, Hoover’s federal commutation does not make him a free man. “The federal sentence may be commuted, but he still has a 200-year state sentence,” he said. “And Illinois officials have already made it clear they don’t want to house him in state facilities again. They prefer he remains in federal custody, just somewhere outside of Colorado.”

Palmer also raised concerns about what Hoover’s case could signal for others. “When R. Kelly was convicted federally, state prosecutors in Illinois and Minnesota dropped their charges. If a president can commute federal sentences based on public pressure or celebrity support, others like R. Kelly or Sean Combs could be next,” Palmer said. “Meanwhile, there are thousands of incarcerated people without fame or access to public platforms who will never get that consideration.” “There are people who are not here today because of the violence connected to these organizations,” Palmer said. “That has to be part of this conversation.”

Stacy M. Brown

Posts by Stacy M. Brown

#NNPA BlackPress

WATCH: Five Years After George Floyd: Full Panel Discussion | Tracey’s Keepin’ It Real | Live Podcast Event

Join us as we return to the city where it happened and speak with a voice from the heart of the community – Tracey Williams-Dillard, CEO/Publisher of the Minnesota Spokesman-Recorder.

Published

5 days ago

May 28, 2025

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https://youtube.com/watch?v=OsNLWTz6jU0&feature=oembed

May 25, 2020. The world stopped and watched as a life was taken.

But what has happened since?

Join us as we return to the city where it happened and speak with a voice from the heart of the community – Tracey Williams-Dillard, CEO/Publisher of the Minnesota Spokesman-Recorder.

She shares reflections, insights, and the story of a community forever changed. What has a year truly meant, and where do we go from here?

This is more than just a date; it’s a moment in history. See what one leader in the Black press has to say about it.

Recorded live at UROC in Minneapolis, this powerful discussion features:

Panelists: