The Potential Economic Impact of Sustained Tariffs on Automobiles and Parts
Brief Published on April 01, 2025Recently announced tariffs on automobiles (and, potentially, parts) would cause increases in prices and other economic costs. The Perryman Group estimates that the US economy could lose hundreds of thousands of jobs if the tariffs are sustained.
- Tags:
- trade,
- tariffs,
- automotive
The Potential Economic Impact of Sustained 25% Tariffs on Steel and Aluminum
Brief Published on March 18, 2025Aluminum and steel are key to many manufacturing, agricultural, and mining sectors ranging from automotive and aviation to energy. Infrastructure projects also heavily rely on these metals. They are integral to the entire US manufacturing supply chain, and a 25% tariff is likely to cause significant price increases for US manufacturers and, therefore, consumers (some are already being observed). In addition, other countries have retaliated. If lasting solutions are not reached and additional retaliatory tariffs are enacted, it could further escalate the economic harms and accelerate a global trade war.
The High Cost to the Texas Economy of Tariffs on Imports from Mexico, Canada, and China
Brief Published on March 13, 2025The recent barrage of tariffs involves very high economic costs. The Perryman Group estimates that the US economy could lose millions of jobs if the tariffs are sustained, and with each new levy the consequences are escalating. As a large economy and leading trading region, Texas bears a substantial portion of the national burden (more than any other state).
The Potential Economic Impact of Sustained, Significant Tariffs on Imports from China
Brief Published on February 21, 2025A 10% tariff on all imports from China recently took effect, with a higher levy of 25% on steel and aluminum. China is an important US trading partner, with 2024 imports of more than $438.9 billion and exports of $143.5 billion. Top imports include various types of consumer electronics, computer equipment, machinery, and toys. In addition, US imports of iron and steel from China totaled almost $12.0 billion last year. Many of these products are integral to the US manufacturing supply chain as well as important to consumers. China is also the source of large proportions of specific products such as computers and related equipment.
The Potential Economic Impact of Sustained, Significant Tariffs on Imports from Canada and Mexico
Brief Published on February 04, 2025Although the situation remains in flux and a temporary pause is in place, one thing is very clear: sustained, significant tariffs on imports from Canada and Mexico would be very costly to the US economy. Tariffs of 25% on virtually all goods imported from Mexico and Canada with the exception of Canadian energy products (which are scheduled to be 10%) were recently announced. If levies of this magnitude are sustained for one year, The Perryman Group estimates that about 1.9 million US jobs could be lost.
The High Economic Cost of Proposed Tariffs on Imports from Canada and Mexico
Brief Published on December 03, 2024President-elect Trump has announced that he is considering a 25% tariff on goods from Canada and Mexico. The stated goals are to reduce the flow of fentanyl and other drugs into the United States and to increase assistance with controlling illegal immigration. While these issues are important, the economic costs of such tariffs would be enormous. If levies of this magnitude are actually implemented and sustained for an extended period, The Perryman Group estimates that almost two million US jobs could be lost.
Hurricane Beryl Causes Estimated $2 Billion Net Loss in Texas Output
Brief Published on July 16, 2024Hurricane Beryl made landfall in the Houston area on July 8 as a Category 1 storm. Sustained winds of up to 80 miles per hour and rainfall of up to eight inches across the metropolitan area caused significant damage. Flooding, downed trees, power outages, and structural damage were extensive, with preliminary estimates of $1.5 billion in Texas and $2.5 billion across the United States. The loss of life and human suffering is of paramount importance and should be the primary concern, as well as enormous emotional losses. Long-lasting power outages compound the difficulties, particularly given the summer heat.
- Tags:
- hurricane
Heat! The Economic Effects of Sustained Higher Temperatures
Brief Published on July 02, 2024In addition to the negative quality of life and health effects, excessive heat involves substantial economic costs. The Perryman Group estimated the net losses associated with recent heat conditions, as well as the potential long-term effects of hotter temperatures. During the past 12 months, the United States has been about 2.39 degrees above the twentieth-century global standard. If that pattern continues through the summer and the remainder of the year, the US economy will lose an estimated $110.2 billion in real gross product (measured in 2017 dollars) and 663,000 jobs compared to projections under normal weather conditions. As effects compound, losses could be expected to rise to $1.1 trillion in real gross product and more than five million jobs by 2050.
- Tags:
- heat,
- impact analysis
The High Cost of Millions of Texans Losing Health Insurance Coverage
Brief Published on April 24, 2024Since the expiration of COVID-19-related provisions requiring states to keep residents enrolled in Medicaid, an estimated 2.1 million Texans have lost their coverage. Texas has by far the highest number of uninsured in the country and has removed significantly more individuals from coverage than any other state.
- Tags:
- Medicaid,
- healthcare,
- insurance
The Economic Impact of the Solar Eclipse on the US and Affected States
Brief Published on March 28, 2024On Monday, April 8, a total solar eclipse will cross North America, passing over Mexico, the United States, and Canada. The path of totality enters Texas around Eagle Pass and crosses the nation to the northeast, exiting the northeast near Houlton, Maine. More than 30 million people reside in the path of totality (including about 12 million in Texas alone).
- Tags:
- eclipse,
- impact analysis