[President-elect Donald Trump campaigned on the promise to create more American jobs and protect existing ones. However, many of his proposals and expected policy changes threaten to have the opposite effect for some working Americans.
For some industries, his policies could create more jobs. For example, higher tariffs could help boost American manufacturing jobs if more businesses decide they want their goods made domestically to avoid the added cost of importing. However, many other industries could be forced to lay off masses of workers as a result of new potential policies he signs into law.
The sectors that could be most vulnerable include oil and gas, as well as industries that rely heavily on exporting goods to other nations. Virtually any business that’s involved in exporting goods to other nations could be forced to lay off workers if Trump follows through with the tariff threats he has made. This could significantly raise American businesses’ costs while also reducing demand for their goods.
Workers involved in extracting oil and gas, including mining and geological engineers and people who work on oil rigs, could be vulnerable to job losses. Similarly, workers involved in producing chemicals, cars, transportation parts and electronics could be at risk given these are also among some of the top goods the US exports.
The oil and gas industry could also see some immediate job gains in the short term if Trump prioritizes more drilling for oil domestically, as he promised on the campaign trail, while also cutting back on green energy transitions.
Trump is likely to try to undo some of the green energy initiatives the Biden administration put into place, which could include paring back tax incentives and grants for businesses producing electric vehicles and lithium ion batteries. This could lead to workers in these industries being on the chopping block pretty quickly.
If Trump authorizes mass deportations, it would likely cause significant labor shortages in industries like construction, agriculture and hospitality that rely heavily on undocumented migrant workers. This could lead to a wide swath of businesses laying off workers and the overall health of the nation’s economy could decline.
The potential loss of millions of people in the US could also lead to a recession, and the Federal Reserve would have to raise interest rates to combat inflation, which could put pressure especially on small businesses, which employ half of America’s workforce.
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