The tariffs on Mexico, set to go in effect on Monday, would cost Texas alone more than 117,000 jobs, according to the analysis from an economic consulting firm
If the 5% US tariff on all goods from Mexico takes effect and is maintained, more than 400,000 jobs in the United States could be lost, an analysis released this week found.Tariffs on Mexican imports will ripple across the US economyThe tariffs on Mexico, set to go in effect on Monday, would cost Texas alone more than 117,000 jobs, according to the analysis by The Perryman Group, an economic consulting firm.
Could this spark a recession? YesGus Faucher, chief economist at PNC, said that the estimate of 400,000 job losses in some ways overstates the impact — and in other ways, underestimates it.Faucher noted that the analysis does not account for job gains caused by a forceful response from the Federal Reserve, which could slash interest rates if the economy suffers. But he said those job gains would probably be in lower-earning positions than the ones lost by the tariffs on Mexico.
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