Austin (WBAP/KLIF News) – The Texas Association of Business is warning against a proposed 20 percent tax on goods imported from Mexico. President Donald Trump has proposed the tax to help pay for a wall along the border.
In 2015, Texas imported $84 billion in merchandise from Mexico, accounting for 33 percent of all of the state’s imports, according to the US Census Bureau.
“I think we have to look at all areas of this and vet it to make sure it’s doable,” says Texas Association of Business President Chris Wallace. “Also, to make sure, when it’s implemented, what the exact impact will be.”
Wallace says he has started reaching out to members of the Texas Congressional delegation to get more information about what the final deal may look like.
Texas is the leading exporting state in the nation, sending $280 billion of material overseas in 2015.
“We have the most to lose or the most to gain,” Wallace says.
The Texas Association of Business worries the deal could hurt the state’s economy. Wallace says the tax would lead to higher prices for American consumers and curb demand.
“We need to take a really thorough look at any sort of proposal that would jeopardize any sort of environment for our future workers,” Wallace says. “That’s what this very well could do.”
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