Washington, May 5
US President Donald Trump said small businesses are the "lifeblood of the American economy", highlighting tax cuts, deregulation and tariffs as key drivers of growth during remarks at the White House.
Speaking at an event marking National Small Business Week, Trump said the sector plays a central role in economic activity. "The people in this room represent the 36 million small businesses who create 40 per cent of all economic activity in the United States," he said.
He described small businesses as the country's most important economic force. "You're essentially the most important factor, business wise, in the whole country," Trump said.
Trump pointed to tax relief measures as a major benefit for small firms. "Twelve million American small businesses got an average tax cut of over $7,000," he said, adding that pass-through deductions had delivered further savings.
He also cited policies such as "no tax on tips, no tax on overtime and no tax on Social Security", calling them significant for workers and business owners.
The president criticised previous economic policies, saying small businesses had been "brutally crushed by the worst inflation in American history".
He said his administration had reduced regulatory burdens. "We eliminated 129 old regulations for every new one," Trump said, describing the move as part of a broader effort to ease compliance costs.
Trump argued that these policies were strengthening the economy. "Our economy is roaring... business investment is more than triple," he said.
He also pointed to labour market gains. "More Americans are working today than at any time in the history of our country," Trump said.
According to the president, small businesses have played a key role in job creation. "Two of the three new jobs have been in small businesses," he said.
Trump linked small business growth to a broader manufacturing revival, citing a surge in factory construction. "There's never been any construction boom of factories like we have right now," he said.
He also highlighted access to financing, noting that the Small Business Administration had issued billions of dollars in loans to start-ups and manufacturers.
Trump framed the current period as a turning point for the economy. "This is the golden age of America," he said.
The emphasis on small businesses comes as policymakers focus on sustaining growth amid global economic uncertainty. In India, small and medium enterprises similarly form a backbone of employment and production, making US policy trends closely watched by industry and policymakers.
Small businesses account for a significant share of economic activity in both countries, underscoring their importance in driving innovation, job creation and long-term growth.
- IANS
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