“Many Black entrepreneurs started off with less wealth,” Perry said. He said that the wealth gap puts Black entrepreneurs, especially those in low-margin businesses like consumer goods or hair care services, into precarious financial positions as tariffs eat into their bottom lines.

But the prices of hair extensions and hair glues used to create wigs and weaves have gone up exponentially after U.S. President Donald Trump imposed a series of different tariffs on China and Vietnam,

New U.S. taxes on American imports, even at 25 percent, will hurt many Indian businesses and may put vast numbers of people out of work.

India is reeling after the Trump administration threatened it with some of the highest tariffs in the world in order to pressure it to change course with Russia.