How President-Elect Trump’s Win Could Impact Your Job
Written by
T. Woods
Edited by
Jenna Klaverweiden
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President-elect Donald Trump’s unprecedented return to the White House will undoubtedly have a massive impact on the American economy and the job market in the coming years. One question many voters must have now, post-election, is how exactly Trump’s return to Washington, D.C., will impact their jobs.
Throughout his campaign, Trump has spoken often of the economy and, more specifically, the American job market, and what he wishes to do to reshape them both.
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Here is where Trump stands on just a few of the most important issues that will impact jobs in the years to come.
Also see the health of the economy in every state when Trump was president.
Minimum Wage
America’s current federal minimum wage has been $7.25 an hour since 2009, though each state’s minimum wage varies.
During a debate in the 2020 election cycle, Trump noted that he would consider more than doubling that minimum wage to $15 on the condition that such a hike would not hurt small businesses. Though as reported by Venable, Trump did not mention the minimum wage during the 2024 election cycle.
So it remains to be seen what could happen to the minimum wage during his administration.
Manufacturing Jobs
Trump also aims to revitalize the manufacturing industry. Per NPR, Trump has declared that he would work to remove “regulatory burdens” that keep manufacturing companies from building new factories more quickly. He also stated plans to encourage factories to move from other countries to the U.S. through tax breaks and access to land, per The New York Times.
Elsewhere, he assured working-class voters that he plans to bring back manufacturing jobs by imposing tariffs on imported goods and by lessening the corporate tax rate that domestic manufacturers are required to pay.
Overtime Wages
During his previous presidential administration, Trump refused to uphold an Obama-era rule that allowed for greater eligibility and access to overtime pay for American workers. Further, at campaign events throughout 2024, Trump noted that he himself as a private-sector employer “hated paying overtime” and preferred to hire more employees than pay overtime.
However, Trump has also stated plans to make overtime exempt from income taxes. Per the Tax Foundation, Trump proposed “a blanket exemption” for overtime income in early September.
Labor Unions
NPR noted that Trump “gutted” federal employee unions during his previous administration and instead supported right-to-work laws. These laws can reduce the strength of unions, as they don’t require union workers to pay dues. Though advocates of right-to-work laws say they allow greater choice among employees.
Trump also complimented SpaceX and Tesla founder Elon Musk, calling him “the greatest cutter” for firing any employee who went on strike.
If his new administration is anything like his last, it’s unlikely his presidency will be any more supportive of unions. According to Pew Research Center data, only 26% of union members said that Trump’s policies would be positive for union members, while 46% said they would make things worse.
However, Trump received support from some union workers during the election, and that “strong support” may pressure him to protect union members in some way, Anthony Miyazaki, a marketing professor at Florida International University, told Reuters.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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