Economist, farmers agree tariffs will hurt everyone
A top Central Texas economist and the Texas Farm Bureau are warning that damage to farmers and manufacturers could be catastrophic if the president imposes tariffs against Mexico this next week.
"We need a trade win and I certainly hope that this new tariff does not get in the way of getting a trade win," Texas Farm Bureau spokesman Gene hall said.
Waco based and nationally renowned economist Dr. Ray Perryman of the Perryman Group agrees, "These are just bad politics bad economic policies."
President Trump's proposed five percent tariffs on Mexico on June 10 will impact Central Texas farmers who are already reeling from the China tariffs earlier this year.
"We see no way for a healthy farm economy without robust and free trade and tariffs are hanging over that," Hall said.
"Almost every time you have a trade war you end up with retaliation and our farmers sell a lot of products to Mexico as well so if you start having this sort of thing happen it can be a very very difficult situation," Perryman said.
Hall said he wants to make it clear, the Texas Farm Bureau believes there must be something done to secure the border but not with tariffs, "We really need to probably back off these tariffs and encourage Mexico to deal with illegal immigration in other ways."
Perryman appeared on CNN Thursday morning from the KWTX TV studio.
He said it's best that the U.S. start working with the troubled Central American countries so that their people will not want to leave home, "We've got to address drug issues, cartels issues, the economic issues and bring some peace and stability to those countries."