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| Europe |
| Texas will be among states hardest hit in trade war, EU ambassador warns |
| 2025-03-30 |
| [FoxBusinessNews] $100B a year in EU investments in Texas in jeopardy, EU ambassador to US says The tariff wars continued to snowball this week after President Donald Trump said he would impose a 25% tariff on all imported automobiles and parts, on top of the existing tariffs already in place on the European Union, Canada, Mexico and China. International leaders pushing back on the tariffs have repeatedly warned it will be not only be citizens in their nations that will pay the price, but American consumers, workers and small businesses. And Texas could find itself the state most harmed by the emerging trade wars. I thought it was: "World ends. Women and Children hardest hit"? "Texas is the biggest trading partner in the whole U.S. for the European Union. The European Union invested in Texas more than $300 billion," EU Ambassador to the U.S. Jovita Neliupšienė told Fox News Digital. The ambassador confirmed that, in terms of trade in goods and services, the EU invests $100 billion a year. "Because of this trade and investment, 300,000 people are employed only because of the EU," Neliupšienė said. "And if we look even deeper, if you look at how much people are paid in those jobs, and if you compare other foreign investors in Texas or across the country, you would see that European companies, European-invested companies, usually produce better paid [jobs] on average." It remains unclear what the broader effect will be after Trump imposed steel and aluminum tariffs on the EU, coupled with potential reciprocal tariffs. Texas Gov. Greg Abbott and senators John Cornyn or Ted Cruz did not respond to Fox News Digital’s questions about how Texans could be among Americans most harmed by tariff wars. The White House, however, told Fox News Digital, "Tariffs are a critical piece of President Trump’s America First economic agenda, but just one piece." "The Trump administration is also slashing regulations, unleashing American energy and pushing tax cuts for everyday Americans, including the president’s call for a new tax deduction for American-made cars," White House spokesman Kush Desai said. "Lower gas prices and a positive February jobs report, which included 10,000 new manufacturing jobs, are indicative of how President Trump is unleashing historic economic, job, wage and investment growth for the American people with no inflation – just as he did in his first term." In the short term, Neliupšienė said Trump's tariffs will have an immediate effect on costs and pointed to one of the smallest and most affordable products found across the U.S. — nails. The ambassador explained that when every single nail has a 25% increase in its price, that cost doesn’t just get passed on to consumers. It will raise construction costs across the board. The cost of development projects will then go up, which means the cost to rent office spaces, apartments or the purchase of a new build will increase, a factor that will have resounding consequences across multiple sectors. Neliupšienė said a tariff battle that played out in 2018 during the first Trump administration on steel and aluminum meant the EU ended up importing nearly a third less of its products from the U.S. |
| Posted by:Skidmark |
| #2 Texas being hardest hit is baloney. |
| Posted by: Super Hose 2025-03-30 09:13 |
| #1 OK, if you're purchasing goods and services, you're buying, not investing. |
| Posted by: ed in texas 2025-03-30 08:36 |