AUSTIN, Texas – The Texas Association of Business opposes any suggestion of a 20 percent tax on Mexican imports.
The tax, being talked about by U.S. House Republicans and President Trump, would be used to fund the construction of a border wall.
“Texas’ number one trading partner by far is Mexico, and imposing a 20 percent tax on Mexican imports to fund a border wall would hurt the Texas economy,” said TAB President Chris Wallace. “This proposal could mean a loss of jobs and a hit to state tax revenues.”
Wallace said he and TAB “look forward to working with our Texas congressional delegation and our TAB members to address this proposal and I would encourage our state leaders to make the economic ramifications of this proposal known.”
The New York Times reported Thursday that Trump’s decision to build a wall along the length of the United States’ southern border with Mexico “erupted into a diplomatic standoff,” leading to the cancellation of a White House visit by Mexico President Peña Nieto and sharply rising tensions over who would pay for the wall.
With the conflict escalating, Mr. Trump appeared to embrace a proposal by House Republicans that would impose a 20 percent tax on all imported goods, NYT reported. The White House press secretary, Sean Spicer, told reporters that the proceeds would be used to pay for the border wall, estimated to cost as much as $20 billion.
But a furious uproar prompted Mr. Spicer to temper his earlier remarks, NYT said, saying the plan was simply “one idea” that might work to finance the wall. Mr. Spicer said it was not the job of the White House to “roll something out” on tax policy, while Mr. Trump’s chief of staff, Reince Priebus, said the administration was considering “a buffet of options.”
Click here to read the New York Times story.