Donald Trump's Tariff Threat Could Devastate Texas

[BumRushDaShow]

Source: Newsweek

Published Nov 30, 2024 at 4:00 AM EST


Economists have warned Donald Trump's plan to impose a 25 percent tariff on all products entering the United States from Mexico and Canada could have a dramatic impact on the economy of Texas, with one predicting it would cost 370,000 jobs in the Lone Star State. The president-elect made the announcement on his Truth Social website on Monday, claiming the tariffs would remain in place "until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!"

Trump's pledge to crackdown on illegal immigration into the U.S. was one of the key pillars of his successful 2024 presidential election campaign. Data from the Bureau of Labor Statistic's current population survey estimated that in July 2023, there were 11.7 irregular migrants living in the country, up 800,000 on the figure for July 2022.

Speaking to Newsweek, Ray Perryman, CEO of financial analysis firm The Perryman Group, said the move would have a "disproportionate impact" on Texas. Referring to a Perryman Group study which he said will be published next week, the founder asserted: "If 25 percent tariffs on all goods from Mexico and Canada were to be implemented and maintained, we estimate that the annual losses to the U.S. economy would be about $250.6 billion in annual gross domestic product (2024 dollars) and about 1.97 million jobs. These losses amount to almost 1 percent of U.S. GDP.

"Because of its proximity to and integration of supply chains with Mexico, Texas would see a disproportionate impact, which we estimate to be about $46.9 billion in yearly gross state product (about 1.7 percent of the total) and approximately 370,000 jobs." Perryman added that if Trump's tariffs sparked retaliatory tariffs from Mexico or Canada, or if they sparked inflation which led to an interest rates rise, the "adverse effects would increase."

Read more: https://www.newsweek.com/donald-trumps-tariff-threat-could-devastate-texas-1993250

[walkingman]

1. Trump will do nothing - he will meet with all the leaders

claim that he negotiated the "greatest deal" and his supporters will eat it up and say - See, See!!

He will overtake Ronnie Reagan as the greatest GOP President in American history.

We absolutely get the government we deserve.

[LeftInTX]

13. I agree. You gotta be a real moron to impose 25% tariffs on imports from Mexico!

When it comes to business sense, I have none. Trump has much more than I do. Even a dummy like me can see prices of groceries going up 25% because HEB imports most of its produce (including frozen, even including products like frozen rhubarb..How do they grow rhubarb in Mexico???) and many canned products from Mexico etc.

I think the whole tariff stuff is BS.

[kimbutgar]

2. I have no sympathy for those states he won.

[surfered]

3. Maybe Trump will turn Texas Blue...post apocalypse.

[Demobrat]

4. They will all be 💰 him under the table for exceptions.

If they are not already.

[jvill]

5. Is it Infrastructure Week already? The Orange Twit hasn't even taken seat in Tammany Hall, yet..?

...

[Evolve Dammit]

6. Devastate away. Sooner the better.

[liberalgunwilltravel]

7. Anything that devastates Texas is fine by me

Paxton, Abbott, and Patrick can't be devastated soon enough.

[Trueblue Texan]

9. Well, there are a lot of Texans who deserve it...

…but there are a whole lot of us who worked our asses off EVERY election to turn Texas blue again.(Texas is the home of Cecile Richards, the late GREAT Anne Richards, and Molly Ivins, not to mention the still ass kicking, True Blue Texan!). I just want to protect the Texans who didn’t vote for self-destruction.

[LuckyLib]

20. Anne Richards and Molly Ivins would be screaming

bloody murder if they were living through this clown show.

[republianmushroom]

8. Oh, darn, darn

[howardmappel]

10. So Sad

They supported and voted for him. FAFO.

[Bleacher Creature]

11. Too bad there wasn't something Texans could have done to prevent this from happening. . .

[Initech]

12. But Texas is overwhelmingly red and they have the biggest psychopath asshole governor in the country.

Oh wait, they could have done something about it, but chose to vote for the fucking asshole instead.

[louis-t]

14. Mexican president has already responded.

'How about you work on stopping illegal guns from crossing the border?' Years ago, there was a scandal about American guns reaching Mexico. Of course, repugs tried to blame a Democratic president, but the problem still exists. Hey, don't wanna piss of the gun lobby, I guess.

[BumRushDaShow]

16. "'How about you work on stopping illegal guns from crossing the border?' "

And then there is this -

Supreme Court will weigh Mexico’s $10 billion lawsuit against U.S. gun makers

By LINDSAY WHITEHURST
Updated 12:13 PM EST, October 4, 2024


WASHINGTON (AP) — The Supreme Court said Friday it will decide whether to block a $10 billion lawsuit Mexico filed against leading U.S. gun manufacturers over allegations their commercial practices have helped caused much bloodshed there. The gun makers asked the justices to undo an appeals court ruling that allowed the lawsuit to go forward despite broad legal protections for the firearm industry.

A federal judge has since tossed out the bulk of the lawsuit on other legal grounds, but Mexico could appeal that dismissal. Mexico argues the companies knew weapons were being sold to traffickers who smuggled them into Mexico and decided to cash in on that market. The government estimates 70% of the weapons trafficked into Mexico come from the United States.

The defendants include big-name manufacturers such as Smith & Wesson, Beretta, Colt and Glock. They say Mexico has not shown the industry has purposely done anything to allow the weapons to be used by cartels and is trying to “bully” gunmakers into adopting gun-control measures.

Originally filed in 2021, the lawsuit was initially tossed out by a district court who cited legal protections for gun makers from damages resulting from criminal use of firearms.

(snip)

[LudwigPastorius]

15. FAFOY

Fuck Around And Find Out, Y'all

[travelingthrulife]

17. Well, good for Texas then. The majority seem to want this chaos and poverty.

[sakabatou]

18. Man, if only there were people that warned others that the leopards ate peoples' faces.

[Hekate]

19. But they'll be "safe" from all those damn Mexicans stealing their jobs, won't they?