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Hispanic small business owners are souring on the Trump economy, a warning sign to Republicans ahead of this year’s midterms.

President Donald Trump arrives for a Latinos for Trump Coalition roundtable at Arizona Grand Resort & Spa in Phoenix on Sept. 14, 2020. | Andrew Harnik/AP

In 2024, economic anxiety and immigration concerns drove Latino voters to President Donald Trump. Those same issues are beginning to push them away.

Across the country, the cost-of-living woes and immigration enforcement overshadowing Trump’s first year back in office are souring Hispanic businesspeople, a key constituency that helped propel him to the White House. In a recent survey of Hispanic business owners conducted by the U.S. Hispanic Business Council and shared exclusively with POLITICO, 42 percent said their economic situation is getting worse, while only 24 said it was getting better. Seventy percent of respondents ranked the cost of living as a top-three issue facing the country, more than double the number that selected any other issue.