Trump has vowed punishing tariffs on Mexico, Canada and China, which are Texas’ biggest international trading partners.
WASHINGTON — President Donald Trump ’s plan to levy punishing taxes on the country’s top trading partners has the Texas business community on edge — with even Republicans who support the president acknowledging it would cause pain in the state. Effective Saturday, Trump will put in place 25% tariffs on imports from Canada and Mexico and 10% tariffs on goods from China , the White House said Friday. Mexico and Canada threatened to levy retaliatory tariffs on the United States .
Texas manufacturers voice concerns about promised Trump tariffs in new Fed survey “There would undeniably, indisputably be a negative economic impact if tariffs were to be enacted,” said Glenn Hamer, president and CEO of the Texas Association of Business, a group that supports many of Trump’s other domestic policies. Shortly after the White House confirmed the tariffs, the Dow Jones Industrial Average, S&P 500 and Nasdaq composite stock indexes sold off, erasing earlier gains.
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