“It’s somewhere between bad and ugly, that’s for sure,” Economist Ray Perryman said.
DALLAS — If President-elect Donald Trump makes good on his threat to start charging Mexico and Canada a 25% tariff on all products coming into the United States, Texas could be on the receiving end of an economic body blow.
Mexico is Texas’ largest trading partner, while Canada comes in second.
Renowned economist Ray Perryman says the tariffs could cost the state tens of billions of dollars and hundreds of thousands of jobs.
“Texas alone would lose about 370,000 jobs if something like this came into place and stayed in place,” Perryman said on Y’all-itics. “It has the potential to have profound impacts. We’re looking at about a $47 billion loss in gross product in Texas.”
President-elect Trump says he wants those countries to do more to stop undocumented immigrants from coming into the U.S.
If the 25% tariffs were to become reality, the Perryman Group crunched the numbers to determine the impact.
And it’s severe.
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