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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

Federal Raids Target Migrant Kids, Split Families

BLACKPRESSUSA NEWSWIRE — The Trump administration has reportedly removed at least 500 migrant children from their homes across the United States and placed them into government custody, according to multiple sources familiar with the matter.

Published

4 days ago

June 13, 2025

Stacy M. Brown

By Stacy M. Brown
Black Press USA Senior National Correspondent

The Trump administration has reportedly removed at least 500 migrant children from their homes across the United States and placed them into government custody, according to multiple sources familiar with the matter. The children, many of whom were living with family members or other vetted sponsors, were taken during so-called “welfare checks” carried out by Immigration and Customs Enforcement (ICE) and other federal agencies. According to CNN, the operations are part of a larger campaign launched shortly after President Donald Trump returned to office, with federal authorities setting up a “war room” inside the Department of Health and Human Services (HHS) to review data on children who entered the country alone and were later released to sponsors. Officials have used the room to coordinate efforts between agencies, including ICE and the Office of Refugee Resettlement (ORR), which oversees the custody of unaccompanied migrant children.

Trump officials claim the effort is aimed at protecting children placed in unsafe conditions or with unqualified sponsors, pointing to cases where children were released to individuals with criminal backgrounds or those involved in smuggling. Homeland Security spokesperson Tricia McLaughlin said the welfare checks have led to the arrests of some sponsors and the transfer of children into ORR custody. Federal data shows more than 2,500 children are currently in ORR custody. CNN reported that the average stay has grown significantly, from 67 days in December 2024 to 170 days by April 2025. Former Health and Human Services officials say new vetting rules—including income requirements, government-issued ID, and DNA tests—have made it far more difficult for parents and guardians, particularly those who are undocumented, to reclaim their children.

In some cases, reunifications that had already been scheduled were canceled. A recent lawsuit details how two brothers, ages 7 and 14, remain in government care because their mother cannot meet new documentation requirements under the revised policies. Mark Greenberg, a former senior HHS official, stated that the approach puts children in a difficult situation. “To the extent, the goal is to determine whether children are in danger or in need of help, this isn’t a good way to do that because it creates fear that anything they say could be used against their parent or family member,” he said. Immigration enforcement agents reportedly have visited children’s homes and asked about their journey to the U.S., school attendance, and upcoming immigration court appearances. Legal advocates say these visits, which sometimes include the FBI, are not standard child welfare procedures and can create fear and confusion among minors.

An FBI spokesperson confirmed the agency’s role, saying, “Protecting children is a critical mission for the FBI, and we will continue to work with our federal, state, and local partners to secure their safety and well-being.” Multiple outlets noted that the Trump administration has not provided clear evidence that large numbers of children are missing. Instead, it has referenced a Department of Homeland Security inspector general report from 2023 that noted more than 291,000 unaccompanied minors had not received notices to appear in immigration court. Former officials note that these figures do not necessarily indicate that the children are missing; some lacked updated addresses or were affected by administrative backlogs.

Within HHS, officials were instructed to expedite policy changes. Former ORR Ombudsman Mary Giovagnoli stated that a senior ICE official, Melissa Harper, was temporarily appointed to lead ORR. Her short tenure was followed by Angie Salazar, another former ICE official who now frequently communicates with White House Deputy Chief of Staff Stephen Miller. Trump’s team argues the Biden administration allowed thousands of unaccompanied children to enter the country without sufficient oversight. Jen Smyers, a former ORR deputy director, stated that all sponsors underwent thorough vetting, including Department of Justice background checks and reviews of the sex offender registry. “No amount of vetting is a predictor of the future,” she said. The Miami Herald recently reported that a 17-year-old foster child in Florida was removed from his home in shackles and transferred to ICE custody. The boy and his mother had crossed the border without documentation, but he had been living in a state-supervised foster placement. The case raised concerns about the state’s cooperation with federal enforcement and the message it sends to immigrant families. Concerns about federal custody of vulnerable children are not confined to immigration.

In North Carolina, a 7-month-old baby died after being left in a hot minivan by her foster mother, who now faces charges of negligent child abuse and involuntary manslaughter. In Hawaii, dozens of children have been forced to sleep in government offices and hotels due to a shortage of foster placements. In North Dakota, a foster couple has been charged in the death of a 3-year-old after surveillance footage showed the child being repeatedly assaulted. “These cases show what happens when systems meant to protect children fail them,” said Laura Nally, director of the Amica Center for Immigrant Rights Children’s Program. “There’s a growing concern that these welfare checks are being used to carry out mass detentions of sponsors and unnecessarily return children to government custody.”

Stacy M. Brown

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#NNPA BlackPress

Protests of a Costly and Historic Parade

BLACKPRESSUSA NEWSWIRE — President Trump is planning an elaborate and costly celebration for the 250th anniversary of the U.S. Army that coincides with his birthday.

Published

4 days ago

June 13, 2025

Oakland Post

By April Ryan

It will rain on President Trump‘s parade on Saturday if most weather forecasts correctly predict the chance of storms. President Trump is planning an elaborate and costly celebration for the 250th anniversary of the U.S. Army that coincides with his birthday. When asked if he plans to attend the massive D.C. celebration, New York Democratic Congressman Greg Meeks exclaimed,” Heck no!” He elaborated, saying, “It is clear to me that what Donald J. Trump is trying to do is to emulate Vladimir Putin.” Trump and Putin, the Russian president, are friends. Meeks feels “that’s where he initially got the idea from when he saw the tanks going down the street and how people bow down to Vladimir Putin, how…that authoritarian runs his country where no one questions what he does.”

Meanwhile, around the nation 1600 protests are scheduled to coincide with what is happening in Washington, D.C. Democratic Congressman Al Greene confirms he will attend several “No King Day” protest rallies and marches in his home state of Texas. The congressman questions the president’s comments about using “force” for anyone trying to stop the parade. Reverand William Barber plans to be in Philadelphia on Saturday. “We are having a rally bringing people together,” the civil rights leader confirmed. The leader of Repairers of the Breach added, “Those rallies are gonna be massive and multiracial of every race, color, creed, religion, geographic area, so this is not a moment. We must have a constant movement.”

Weeks ago, DC Mayor Muriel Bowser warned the parade, and all its military might, and pageantry would cost “many millions of dollars” just to repair District streets after the heavy artillery tanks rolled down the historic roads in the nation’s capital. Tall gates and other barricades around the White House are part of the parade’s security measures. The Secret Service has warned of a high-security presence in the area for the parade. You can expect to see military tanks, dozens of other military vehicles, and thousands of service members marching along a route stretching nearly four miles from the Pentagon to the White House.

Oakland Post

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Critics Question 2024 Results as Musk Tactics Surface

BLACKPRESSUSA NEWSWIRE — Now, a Wisconsin nonprofit has filed a legal complaint accusing Musk, his America PAC, and a Musk-affiliated group called United States of America Inc. of violating state election laws by bribing voters.

Published

5 days ago

June 12, 2025

Stacy M. Brown

By Stacy M. Brown
Black Press USA Senior National Correspondent

Donald Trump’s return to the White House in 2024 has reignited questions about election integrity, particularly after his remarks thanking Elon Musk for what he called a “landslide” win in Pennsylvania. “He knows those computers better than anybody… all those vote-counting computers,” Trump said. “So, thank you to Elon.” The comment set off alarm, including Texas Rep. Jasmine Crockett. “So, Trump is rambling on about he and Elon rigging the election?! Am I missing something or is he confessing to yet another damn crime?!” she posted on social media.

Now, a Wisconsin nonprofit has filed a legal complaint accusing Musk, his America PAC, and a Musk-affiliated group called United States of America Inc. of violating state election laws by bribing voters. The Wisconsin Democracy Campaign and two voters allege Musk handed out $1 million checks and that his PAC paid $100 to registered voters who signed petitions and gave their contact information. Wisconsin law prohibits offering anything of value over $1 to encourage someone to vote. The complaint also cites violations of the state’s lottery ban. The plaintiffs are asking a court to declare the actions illegal, prevent future violations, and award damages if applicable.

The lawsuit follows a failed attempt by Wisconsin Attorney General Josh Kaul to block Musk’s actions earlier this year. Kaul argued that Musk’s conduct amounted to illegal inducement, but courts declined to intervene before the April state Supreme Court election. Jeff Mandell, president and general counsel for Law Forward, which represents the plaintiffs, said this new case is being filed under more typical legal timelines. “We’re trying to create … accountability in a more regular timeline, in a way that gives the courts the opportunity to look at this more carefully,” Mandell said.

Musk, who served briefly as a Trump adviser and led a short-lived federal agency focused on cost-cutting, has denied wrongdoing. He initially promoted the giveaways as rewards for early voters but later revised eligibility criteria following legal scrutiny. The controversy has added fuel to growing concerns over anomalies in places like Rockland County, New York, where Vice President Kamala Harris reportedly received virtually no votes despite Democratic victories in other races. “We know exactly what happened and how it unfolded, and we’re asking the court to say this is not acceptable,” Mandel has said.