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Women small business owners are more worried than men about Trump’s tariffs and the economy

Business
Updated:
Chris Washington
By Chris Washington
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Women small business owners are more worried than men about Trump’s tariffs and the economy
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Economic uncertainty affects everyone, but new data shows women small business owners are feeling the strain more acutely. This growing unease isn’t just a reaction to headlines; it reflects real concerns about inflation, market volatility, and long-term business viability. And it’s shaping how women view the economy and their financial future at a time when women are starting businesses at record rates and play an increasingly critical role in shaping local economies.

In our latest WHNY News|SurveyMonkey Q2 2025 Small Business Survey, women small business owners are more likely than their male counterparts to express unease about today’s economy, from the risk of inflation and rising costs to concerns about a looming recession. While small business ownership is often associated with optimism and self-reliance, these findings suggest that for many women, today’s economic landscape feels uncertain, if not unsustainable. 

While many male small business owners report confidence in the future, their female counterparts feel differently. When asked about the state of the economy, only one in five (21%) women small business owners say that the economy is “excellent” or “good”, compared to 34% of men. In line with that same sentiment, they are more likely to believe that the U.S. is heading toward a recession (76% vs. 67%) and are more likely to cite inflation as a risk to their business (27% vs. 22% for men).

This gap in sentiment isn’t just a difference in mood, it reflects a difference in experience. Just over two-thirds (69%) of women small business owners admit they feel stressed about their business’s finances today, compared to only a bit over half (55%) of men. 

Our data illustrates that the gender gap in sentiment also extends to how women small business owners view the current administration. When asked if they approve of Trump’s presidency so far, only 39% of women small business owners express approval, compared to 54% of men. When it comes to tariffs, the divide is similar. Fully 63% of women small business owners oppose the president’s tariffs, compared with 48% of men.

This more negative view likely reflects both the real pressures women business owners face and the broader realities of how different groups experience economic policy. Our data also affirms that women small business owners are more likely to identify as Democrats, adding complexity to how political and economic sentiment interact.

The unease expressed by women small business owners doesn’t signify pessimism; rather, it highlights a nuanced perspective shaped by lived experiences and acute awareness of economic dynamics. Women own more than 12 million small businesses in the US, contributing significantly to the nation’s economy. They are also starting businesses at record rates, fueling growth in local economies and shaping the future of work. 

Their perspectives, especially during periods of economic uncertainty, offer invaluable insights into the challenges faced by a substantial segment of the business community.

—By Eric Johnson, CEO, SurveyMonkey

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Chris Washington
Chris Washingtonhttps://whnynews.com
Chris Washington brings over 25 years of experience in financial journalism to WHNY News. A Schenectady native, Chris has a keen eye for business trends impacting upstate New York. His insightful reporting has earned him numerous accolades. Chris holds a degree in Economics from Syracuse University.
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