Over the last few days, Donald Trump has discovered just how costly his current run for the White House might end up being, even for a billionaire businessman like himself.
On Wednesday, Macy’s Inc. – one of the largest department store chains in the United States – announced that it was joining the television networks, pop stars and businesses who have all cut their ties with Trump following derogatory remarks he made against Mexicans.
The Latino-Hispanic community has rapidly become an influential voting voice in the White House race
The Latino-Hispanic community in the United States – which makes up a sixth part of the 319 million residents in the country – has rapidly become an important, influential voting voice in the race for the White House.
That is why many cannot explain why Trump would attack Mexico when he announced on June 16 his intention to run for the Republican nomination. During his speech, he blamed national security problems on Mexican illegal migrants, whom he described as “drug traffickers and rapists.”
“I will build a great, great wall on our southern border and I will make Mexico pay for that wall,” Trump stated.
The negative reaction by the Mexican government and the Spanish-speaking community in the United States was quick to follow.
After Mexico formally complained, Univision, the biggest Spanish-language television network in the United States, said it was canceling the July 12 telecast of the Miss USA Pageant and would not broadcast Miss Universe later this year. Both organizations are co-owned by Trump, who, in response, has filed a $500 million lawsuit against the network.
It was to be the first time that Univision was going to simultaneously broadcast Miss USA for its Spanish viewers.
Then on Monday, under pressure from viewers, NBC also announced that it was cutting ties with the Miss USA and Miss Universe pageants because of Trump’s remarks. More than 218,000 people had signed a petition calling on the network to do so on change.org.
NBC will no doubt see its profits affected with the cancelation of the Miss USA telecast; but the network has other priorities. Since 2002, NBC has owned Telemundo – the second-biggest Spanish-language broadcaster in the United States and Univision’s major competitor.
NBC also announced that it was cutting ties with the Miss USA and Miss Universe pageants
According to a figures last year from Nielsen research, Latinos and Hispanics are the fastest-growing consumer groups in the United States. Together with the African American and Asian American communities, they account for $3.4 trillion in purchasing power.
It is expected that this year spending by Latino consumers will reach $1.5 trillion.
The pressure from this sector could have forced Macy to pull Trump’s menswear collection, which it has sold since 2004.
“Macy’s is a company that stands for diversity and inclusion. We have no tolerance for discrimination in any form,” the company said in a statement.
It is expected that spending by Latino consumers will reach $1.5 trillion in the United States this year
Trump answered back with his own press release: “While selling Trump ties and shirts at Macy’s is a small business in terms of dollar volume, my principles are far more important and therefore
much more valuable.”
But the fallout from Trump’s remarks may only get bigger.
In New York, where Trump made his real estate fortune, city officials said they were reviewing the contracts that they have signed with the Trump Organization. “Trump’s comments do not represent the values of inclusion and openness that define us as New Yorkers,” said Mayor Bill de Blasio in a statement on Wednesday.
In New York, where Trump made his fortune, city officials said they were reviewing the his contracts
Two beauty pageant candidates, Miss Mexico and Miss Costa Rica, said they would not be competing in the Miss Universe pageant this year. And Puerto Rican pop start Ricky Martin said he was canceling his charity golf tournament, which was due to be held at a course Trump owns.
Mexican billionaire Carlos Slim also said he was scrapping plans to work on a project with Trump, while Televisa – Mexico’s biggest broadcaster – has shut its doors to the real estate mogul.
But despite all the furor, Trump’s popularity among Republican voters is growing. According to a CNN poll released late Wednesday, Trump is the second lead contender after Jeb Bush in nationwide and primary polls.
The conservative broadcaster FOX News also put Trump in second place in Iowa – the first state to hold a presidential caucus, which is seen as an early bellwether in the White House race.
For the moment, his controversial comments have appeared to have hurt his wallet more than his chances at the White House.