How could the Trump trade war affect Central Texas?
On March 12, President Trump's 25% tariffs on all aluminum and steel imports took effect
Canada then announced more than $20 billion in retaliatory tariffs against the U.S. starting March 13
Texas Agriculture Commissioner Sid Miller gives his perspective
TEXAS - The global trade war continues to heat up, with many wondering how the tariff battle between the U.S. and other countries could affect people in Central Texas.
What we know
On Wednesday, March 12, President Trump's 25% tariffs on all aluminum and steel imports took effect. Within hours, Canada announced more than $20 billion in retaliatory tariffs against the U.S., set to take effect on Thursday, March 13.
Also, the European Union announced plans to roll out $28 billion in tariffs starting in April.
What's next
On Wall Street Wednesday, the Dow Jones was down for the third straight day amid ongoing uncertainty over the trade battle.
President Trump's Commerce Secretary Howard Lutnick is set to meet Thursday, March 13, with Ontario Premier Doug Ford, to discuss the tariff situation between the U.S. and Canada.
Local perspective
"I think America as well as Central Texas is feeling the impacts," said Kendall Garrison, CEO of Austin-based Amplify Credit Union.
"That's going to impact the prices at the pump," said Garrison. "Your guacamole is going to be more expensive. That's just the way it is."
Garrison says tariffs are affecting local businesses.
"I spoke with a friend that runs a brewery here in Austin, and he was talking about the price of aluminum cans that he has to buy so he can fill those cans and ship those to, to bars and restaurants and retailers," said Garrison.
He says tariffs could also hit the housing market.
"It's going to raise the price of new construction. But what it is also doing, is causing sellers to reevaluate," said Garrison. "The inflationary impacts in the economy drive inflation in mortgage loan rates."
"Let's hope that cooler heads prevail," said Garrison.
What they're saying
Meanwhile, retaliatory tariffs from China went into effect Monday, specifically targeting agriculture.
"Well, it was to be expected obviously," said Texas Agriculture Commissioner Sid Miller.
China has put a 15% tariff on chicken, wheat and corn from the U.S., and 10% on soybeans, pork, beef and fruit.
"Well, I think you see some short-term disruptions in market volatility," said Miller. "I would say just hang tight. Maybe a little rocky road ahead, but it's going to get really good after that."
"This could be a good thing in the long term that we spread our risk out and find more customers and be more diverse in our marketing," Miller added.
Miller says he's confident Trump's tariffs will ultimately boost the economy, and believes the U.S. Department of Agriculture will help farmers navigate any short-term pain.
"Well I think [Agriculture Secretary] Brooke Rollins is prepared to do the same thing reaching into the CCC, Commodity Credit Corporation, to prop these farmers up. We don't want any of them going out of business," said Miller.
The Source
Information from interviews conducted by FOX 7 Austin's John Krinjak and previous coverage
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