Gonzales on whether Trump's Mexico tariff will hurt state: ‘It may' but I ‘support the president'
In an interview on CNN's 'State of the Union,' Gonzales was asked whether the 30 percent tariff that the Trump administration recently announced on Mexico, Texas's largest trading partner, would hurt his constituents.
'It may, but I do support the president in this. I think for too long, Mexico has gotten away with, you know, allowed to do anything,' Gonzales said on CNN.
But the border-district congressman said he's hopeful a deal could come together by Aug. 1, the new deadline that Trump unveiled in his letters to numerous countries about when they should expect the reciprocal tariffs to take effect.
'I'm very focused on the August 1 date. What that means is President Trump has given us a couple weeks to try to come up with a solution, and I've seen Mexico… change, from months ago, basically being allowed to do whatever they want to know, all of the sudden, they're coming to the table. They're negotiating more. President Trump has mentioned this. They're moving in the right direction. We absolutely have to do more,' Gonzales said.
'But yes, if these tariffs come into place, it hurts everyone,' he continued.
After Trump unveiled 30 percent tariffs on Mexico and the European Union, leaders of both trading partners indicated an interest in negotiating with Trump ahead of the Aug. 1 deadline.
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1 of 2 | President Donald Trump (pictured during a meeting with Chancellor Friedrich Merz of Germany in the Oval Office at the White House in Washington, D.C., in June) has proposed a 100% tariff on semiconductors and possibly a 300% rate. U.S.-based Applied Materials' stock price slumped by double digits on Friday after the semiconductor equipment maker reported a projected decline in revenue amid tariff worries in China. File Photo by Chris Kleponis/UPI | License Photo Aug. 15 (UPI) -- Applied Materials' stock price slumped by double digits on Friday after the semiconductor equipment maker reported a projected decline in revenue amid tariff worries in China. On the Standard and Poor's 500 index, the company's stock decreased 11% at the opening bell and was trading at $162.09, down 13.87%, at 2 p.m. Entering trading, Applied Materials was up more than 15% for the year. The stock reached $199.29 on July 15 with the record $235.99 in April 2024. The company, based in Santa Clara, Calif., reported the sixth consecutive quarter of revenue growth, including $7.3 billion in the third quarter, but foresees a weaker situation in the next quarter. They initially projected $6.7 billion in revenue for the quarter. "We are expecting a decline in revenue in the fourth quarter driven by both digestion of capacity in China and non-linear demand from leading-edge customers given market concentration and fab timing," Brice Hill, senior vice president and CFO at Applied Materials, said. "We are navigating and adapting to the near-term uncertainties by leveraging our robust supply chain, global manufacturing footprint and deep customer relationships." CEO Gary Dickerson, during an earnings call with analysts, said the current macroeconomic situation and trade issues have fueled "increasing uncertainty and lower visibility," mainly within its business in China. In addition, he said their forecast does not account for pending export license applications and a substantial backlog of products. Dickerson noted the easing of spending from customers, with Chinese clients cutting spending after increasing equipment manufacturing in the region. President Donald Trump has proposed a 100% tariff on semiconductors and possibly a 300% rate. Exempt companies would be those with manufacturing facilities in the United States. Applied Materials doesn't make chips, and instead supplies equipment, services and software used by the makers of the chips. The company's largest plant for logistics and logistics is in Austin, Texas. On Monday, Trump extended a tariff pause until Nov. 10 on products sent to the United States from China. Originally, he threatened 145% duty, but it was later lowered to 30% plus the baseline tariffs imposed on nearly all U.S. trading partners. The baseline remains in effect. In June, Trump announced a trade agreement with China over rare earth minerals. Under the deal, China would export rare earth minerals to the United States with both countries reducing their tariffs for 90 days. Rare earth minerals fuel energy sources for mobile devices and electric vehicles. Despite uncertainty, Applied Equipment in its report wrote that "we remain very confident in the longer-term growth opportunities for the semiconductor industry and Applied Materials. The company's adjusted earnings of $2.11 per quarter was short of the $2.39 expected by LSEG. Net income hit $1.78 billion, or $2.22 per share. One year ago, it was $1.71 billion, or $2.05 per share. The gross margin was 48.8% compared with 47.3% one year ago, and the operating margin was 30.6% vs. 28.7% in 2024. The company specializes in materials engineering solutions for semiconductors, flat panel displays and solar photovoltaic industries. The company's revenue in semiconductor equipment is No. 1 in the world, followed by the Dutch company ASML. Sales at all three Applied Materials units rose: Semiconductor Systems at $5.43 billion, Applied Global Services at $1.60 billion and and Display t a$263 million. The company's market capitalization is $151.06 billion. It was founded in 1967 as a startup.
