Texas business group that has been pushing for congressional approval of USMCA warns that Trump’s plan to ramp up tariffs on nearly $350 billion worth of Mexican goods over the next several months could have “swift and severe” economic consequences on the Texas economy.
The move is also “a step backward in our effort to pass the very trade agreement that President Trump holds up as an example of what can be accomplished together in North America,” Eddie Aldrete, chairman of the Texas-Mexico Trade Coalition, said in a statement.
Companies will have to pass at least some of the cost of the tariff on to their customers, Aldrete said. “Many manufactured items also cross the border several times as they are being assembled at plants in both Mexico and the U.S. This essentially means U.S. companies could potentially pay tariffs multiple times for one product,” he added.
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