To: Broken_Clock who wrote (1536722 ) 5/5/2025 3:57:43 AM From: sylvester80 Respond to BOOM: Texas could lose 370,000 jobs and $47 billion a year in GDP because of Trump’s tariffsfinance.yahoo.com tariffs are taxes on imported goods such as raw materials, which businesses pay when they bring items into the country. In practice, most companies ultimately pass on these extra costs to consumers so as to avoid reducing their own profit margins.direct and indirect ways , making the risk of a recession or downturn greater because of the added burden on the economy as a whole.25% tariffs on both Mexico and Canada in March, before pulling back and exempting many goods (though Trump maintains he may impose them in the future). While the administration has slapped tariffs on other countries too, Canada and Mexico remain hardest hit. These and other countries are now responding with their own reciprocal tariffs.told CBS . "We buy a lot of things from Mexico. Mexico buys a lot of things from us. For the last 30 years, we've stitched these economies together. They're really integrated in some fundamental ways. And when you rip those seams apart, you're going to start seeing some pretty significant impacts."Office of the United States Trade Representative revealed that Texas exported $123.5 billion in goods to Mexico in 2024, with those goods accounting for 27% of all the exported goods statewide. Canada was the state’s next biggest trading partner, with $36.6 billion in trade, followed by Netherlands, South Korea, and China.cost of construction could grow too , making it more difficult for people to find affordable housing in the state.Read more: Gold just hit a historic high of $3,000/ounce on Trump’s tariff moves — while US stocks got slaughtered. Here’s 1 simple way to prevent more pain within minutes emergency savings so you've got a financial cushion if you stop receiving regular paychecks. You can tighten your budget now — both so you can get used to living on less and so you can grow your emergency fund faster.stock market has already been impacted by tariffs and the threat of a trade war, Texans should make sure their investments are diversified . However, you also do want to make sure you are investing only money you won’t depend on for at least another several years so you aren’t forced to make emergency withdrawals during a time of economic chaos.
