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‘Now it’s like, ‘OK, you’re in office. I’m still getting done dirty at the grocery store”: Hispanic voters’ inflation fatigue weighs on Trump polling

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The October survey from The Associated Press-NORC Center for Public Affairs Research finds that 25% of Hispanic adults have a “somewhat” or “very” favorable view of Trump, down from 44% in an AP-NORC poll conducted just before the Republican took office for the second time. The percentage of Hispanic adults who say the country is going in the wrong direction has also increased slightly over the past few months, from 63% in March to 73% now.

The shift could spell trouble for Republicans looking to cement support with this group in future elections. Many Hispanic voters were motivated by economic concerns in last year’s election, and the new poll shows that despite Trump’s promises of economic revitalization, Hispanic adults continue to feel higher financial stress than Americans overall. Hispanic voters made up 10% of the electorate in 2024, according to AP VoteCast, a survey of interviews with registered voters, and the number of eligible Hispanic voters has been growing rapidly in recent decades.

Alejandro Ochoa, 30, is a warehouse worker in Adelanto, California. He identifies as a Republican and voted for Trump last year, but he’s now unhappy with the president. He criticized some of Trump’s budget cuts, adding that the cost of groceries is too high and buying a home is still unattainable for him.

“He was kind of relying on essentially the nostalgia of, ‘Hey, remember, before COVID? Things weren’t as expensive,’” Ochoa said. “But now it’s like, OK, you’re in office. I’m still getting done dirty at the grocery store. I’m still spending an insane amount of money. I’m trying to cut corners where I can, but that bill is still insanely expensive.”

Declining approval on economy and immigration

Hispanic voters shifted toward Trump in the last election, though a majority still backed Democrat Kamala Harris: 43% of Hispanic voters nationally voted for Trump, according to AP VoteCast, up from 35% in the 2020 presidential election, which he lost to Democrat Joe Biden.

But the poll now finds that Hispanic adults are slightly less likely to approve of Trump’s handling of the economy and immigration — two issues that were major strengths for him in last year’s presidential campaign — and their views of his overall presidential performance have slipped a little as well.

In March, 41% of Hispanic adults approved of the way Trump was handling his job as president, but now that has fallen to 27%.

Over the past few months, Hispanic communities have also been a target of the president’s hard-line immigration tactics. The poll found that Hispanic adults’ approval of his handling of immigration has declined slightly since March.

Some see the two issues as linked. Trump’s attacks on immigration have affected low-wage and high-skilled workers alike, at a moment when the economy is already uncertain because of his erratic trade policies.

Fel Echandi, of Winter Haven, Florida, is a behavioral specialist who identifies as a Democrat but sometimes votes for Republican candidates. He said he appreciates Trump’s views on transgender issues, including restroom access for transgender women.

But he’s concerned that Trump’s immigration policies leave many people living in fear, with negative effects on the economy.

“A lot of people rely on immigrants to do labor in certain areas,” Echandi said. “When that gets affected, all prices go up. Our food costs more because of the costs to get people to do that work.”

The poll found particularly high levels of financial stress among Hispanic adults, compared with the rest of the country. More Hispanics say the cost of groceries, housing and health care and the amount of money they get paid are “major” sources of stress, compared with U.S. adults overall.

Favorability among Hispanic Republicans drops slightly

Views of Trump have even soured a little among Hispanic Republicans.

In the latest poll, 66% of Hispanic Republicans said they have a “very” or “somewhat” favorable view of Trump. That’s a slight shift compared with where Trump stood in an AP-NORC poll from September 2024, when 83% of Hispanic Republicans viewed him at least “somewhat” favorably. About 8 in 10 white Republicans had a favorable view of Trump in the new poll, which was unchanged from the year before.

In another potentially worrying sign for the president, younger Hispanics and Hispanic men — two groups that swung particularly dramatically toward him in last year’s election — also see him a bit more negatively.

About two-thirds of Hispanic adults under age 45 and Hispanic men now view Trump unfavorably, according to the new poll. That’s a slight uptick from September 2024, when about half in both groups had a negative opinion of him.

Other concerns about Trump’s chaotic second term emerged in interviews.

Teresa Covarrubias, a 65-year-old retired schoolteacher from Los Angeles, feels things are going in the wrong direction and said she was troubled by how some of Trump’s actions have defied norms and may impact social safety net programs.

“My major concern is the disregard for the Constitution and the law, and then also the level of cronyism,” said Covarrubias, who is an independent voter. “The people at the top are just grifting and taking, and then there’s the rest of us.”

Hispanic adults are more likely to prioritize immigration

There are signs in the poll that Trump’s tough immigration approach may be alienating some Hispanic adults. Over the past few months, the president has doubled down on his pledge of mass deportations, with escalating crackdowns in Latino neighborhoods in cities including Chicago.

The poll found that, in general, Hispanic adults are more likely to say immigration is an important issue to them personally. About two-thirds of Hispanic adults prioritize immigration, compared with about 6 in 10 white adults and about half of Black adults.

And although their views on immigration enforcement aren’t uniform, Hispanic adults are much less likely than U.S. adults overall to favor deporting all immigrants living in the U.S. illegally. About one-quarter of Hispanic adults support this policy, the new poll found, while roughly half of them are opposed and the rest don’t have an opinion. Among U.S. adults overall, about 4 in 10 favor deporting all immigrants in the U.S. illegally, while 34% are opposed and about 2 in 10 don’t have an opinion.

Rick Alvarado, 63, a Republican who lives in San Diego, says he still supports Trump and praised his actions to cut public spending. Alvarado, a property manager, is behind Trump’s immigration crackdown in cities including Los Angeles and Chicago, saying he believes some immigrants are involved in organized crime.

But he added that he would like to see a solution for those without criminal records to obtain legal residency status.

“The people who are productive should have a pathway to stay here somehow,” Alvarado said.

Correction: An earlier version of this post misidentified one of the authors.

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The AP-NORC poll of 1,289 adults was conducted Oct. 9-13, using a sample drawn from NORC’s probability-based AmeriSpeak Panel, which is designed to be representative of the U.S. population. The margin of sampling error for adults overall is plus or minus 3.8 percentage points. The margin of sampling error for Hispanic adults overall is plus or minus 6.9 percentage points.



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Crypto market reels in face of tariff turmoil, Bitcoin falls below $90,000 as key legislation stalls

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If you don’t like the price of Bitcoin, wait five minutes, and it will change. The major cryptocurrency’s volatility has been on full display to start the year, this time dipping about 7% since last week to its current price of just under $90,000 as of mid-day Tuesday.

Other cryptocurrencies have also slid. Ethereum is down 11% in the last six days to its current price of about $3,000, and Solana is down about 14% during that time to its price of about $127. 

The dip comes as President Donald Trump threatened European nations with tariffs as they pushed back against his plans to take over Greenland, causing markets to scramble. Meanwhile, crypto markets faced an additional headwind as key legislation for the industry, known as the Clarity Act, became stalled after industry giant Coinbase unexpectedly withdrew its support late last week. 

“President Trump’s threat to impose tariffs on Europe has put Bitcoin under pressure,” said Russell Thompson, chief investment officer at Hilbert Group. “The postponement of the Clarity Act in the Senate committee mainly due to concerns from Coinbase eliminated a large amount of positive sentiment in the market.”

Coinbase CEO Brian Armstrong objected to the Clarity Act primarily on grounds that crypto owners would not be able to earn yield from stablecoins. The new uncertainty over the bill, which many assumed was on a smooth path towards a Presidential signature, has shaken the price not just of crypto assets but also the share price of companies exposed to digital assets. 

It’s uncertain whether the current headwinds will fade anytime soon. Trump has made his intentions of taking control of Greenland clear. When a group of European nations expressed solidarity with the Danish, he threatened those countries with tariffs, saying he would not back down until Greenland was purchased. Bitcoin and other risk assets subsequently fell, along with major stock indices, while the price of gold rose.

It’s not all gloom and doom for crypto, at least according to some analysts, who view Bitcoin’s correlation with macroeconomic forces as confirmation that digital assets have finally gone mainstream. 

“Bitcoin’s reactivity is another sign of its increasing integration with broader macroeconomic forces, signaling maturation rather than fragility, even as short-term volatility continues,” said Beto Aparicio, senior manager of strategic finance at Offchain Labs.

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The 9 most disruptive deals of Trump’s first year back in the White House

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President Trump lives on deals: “That’s what I do—I do deals,” he once told Bob Woodward. On the one-year anniversary of his second presidency, he’s pushing hard to make his biggest, most disruptive deal ever, one that would bring Greenland under the control of the U.S.—and the global business community is still scrambling to adapt to his approach. Here are nine of Trump’s most unorthodox deals from the past year.

Nine deals that shook the business world

April 2, 2025: Reciprocal tariffs

Trump imposes “reciprocal tariffs” on 57 countries, with each tariff understood as an opening bid in a negotiation. Several countries have since made deals. The one-on-one negotiations, unlike the multilateral system of the past 80 years, can be chaotic for companies and economies

June 13: U.S. Steel “Golden Share”

In return for allowing Nippon Steel to buy U.S. Steel, Trump requires that the U.S. receive several powers over the company, including total power over all the board’s independent directors and vetoes over locations of offices and factories. 

July 10: MP Materials

The U.S. pays $400 million for a large equity share in MP and signs a contract to buy all of MP’s rare earth magnets for 10 years. The reason for the equity stake was not disclosed.

July 14: Nvidia, Part 1

JADE GAO—AFP/Getty Images

Trump reverses the U.S. ban on selling Nvidia H20 chips to China in exchange for Nvidia paying the U.S. 15% of the revenue.

July 23: Columbia University

LYA CATTEL/Getty Images

The Trump administration restores $400 million of canceled federal research funding for the university under an unprecedented multipoint deal. For example, Columbia must supply data to the federal government for all applicants, broken down by race, “color,” GPA, and standardized test performance. A few other schools later make similar deals.

August 6: Apple

Bonnie Cash—UPI/Bloomberg/Getty Images

At a public appearance with Trump, CEO Tim Cook announces Apple will invest an additional $100 billion in the U.S. over four years; Trump announces Apple will be exempt from a planned tariff on imported chips that would have doubled the price of iPhones in the U.S.

August 22: Intel

Justin Sullivan—Getty Images

Intel trades the U.S. government a 9.9% equity stake in exchange for $8.9 billion that might already be owed to Intel under the CHIPS and Science Act. The deal is unusual because the company was not in immediate danger or significantly affecting the economy.

December 8: Nvidia, Part 2:

Trump reverses the U.S. ban on selling powerful Nvidia H200 chips in exchange for Nvidia paying the U.S. 25% of the revenue. Both Nvidia deals are unusual because the payments to the U.S., based on exports, appear to be forbidden by the Constitution. 

December 19: Pharma

Alex Wong—Getty Images

Nine pharmaceutical companies make deals with Trump that are intended to lower drug prices. This is unusual because Trump negotiated separate deals with each company, and the terms have not been released.

All eyes this week will be watching President Trump at the World Economic Forum in Davos, where the president has hinted he’ll announce some high-stakes agreements. Expect the unexpected.

A version of this piece appears in the February/March 2026 issue of Fortune.



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Microsoft CEO Satya Nadella’s biggest AI bubble warning yet is a challenge to the Fortune 500

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Microsoft CEO Satya Nadella has been leading the charge on artificial intelligence (AI) for years, owing to his long alliance with OpenAI’s Sam Altman and the groundbreaking work from his own AI CEO, Mustafa Suleyman, particularly with the Copilot tool. But Nadella has not spoken often about the fears that rattled Wall Street for much of the back half of 2025: whether AI is a bubble. 

At the World Economic Forum annual meeting in Davos, Switzerland, Nadella sat for a conversation with the Forum’s interim co-chair, BlackRock CEO Larry Fink, explaining that if AI growth spawns solely from investment, then that could be signs of a bubble. “A telltale sign of if it’s a bubble would be if all we are talking about are the tech firms,” Nadella said. “If all we talk about is what’s happening to the technology side then it’s just purely supply side.”

However, Nadella offers a fix to that productivity dilemma, calling on business leaders to adopt a new approach to knowledge work by shifting workflows to match the structural design of AI. “The mindset we as leaders should have is, we need to think about changing the work—the workflow—with the technology.”

Growing pains

This change is not wholly unprecedented, as Nadella pointed out, comparing the current moment to that of the 1980s, when computing revolutionized the workplace and opened up new opportunities for growth and productivity and created a new class of workers. “We invented this entire class of thing called knowledge work, where people started really using computers to amplify what we were trying to achieve using software,” he said. “I think in the context of AI, that same thing is going to happen.”

Nadella argues that AI creates a “complete inversion” of how information moves through a business, replacing slow, hierarchical processes with a view that forces leaders to rethink their organizational structures. “We have an organization, we have departments, we have these specializations, and the information trickles up,” Nadella said. “No, no, it’s actually it flattens the entire information flow. So once you start having that, you have to redesign structurally.”

That shift may be harder for some Fortune 500 companies as structural changes could be accompanied by uncomfortable growing pains. Nadella says that leaner companies will be able to more easily adopt AI because their organizational structures are fresher and more malleable. On the other hand, large companies could take time to adopt new workflows.

Despite widespread adoption of AI, the 29th edition of PwC’s global CEO survey found that only 10% to 12% of companies reported seeing benefits of the technology on the revenue or cost side, while 56% reported getting nothing out of it. It follows up on an even more pessimistic finding about AI returns from August 2025: that 95% of generative AI pilots were failing.

PwC Global Chairman Mohamed Kande spoke to Fortune’s Diane Brady in Davos about the finding that many CEOs are cautious and lack confidence at this stage of the AI adoption cycle. “Somehow AI moves so fast … that people forgot that the adoption of technology, you have to go to the basics,” he explained, with the survey finding that the companies seeing benefits from AI are “putting the foundations in place.” It’s about execution more than it is about technology, he argued, and good management and leadership are really going to matter going forward.

“For large organizations,” Nadella told Fink, “there’s a fundamental challenge: Unless and until your rate of change keeps up with what is possible, you’re going to get schooled by someone small being able to achieve scale because of these tools.”

New entrants have the advantage of “starting fresh” and constructing workflows around AI capabilities, while larger firms will have to contend with the flattening effect AI has on entire departments and specializations. 

To be sure, Nadella says that large organizations have kept an upper hand, especially when it comes to relationships, data, and know-how. However, he maintains that firms must understand how to use those resources to their advantage to change management style, then that could pose a major roadblock.

“The bottom line is, if you don’t translate that with a new production function, then you really will be stuck,” he said.



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