![Report: A 5% Tariff On Mexican Imports Could Cost 400,000 American Jobs [Infographic]](https://i.headtopics.com/images/2019/6/7/forbes/a-5-tariff-on-mexican-imports-could-cost-400-000-american-jobs-1136976352031191040.webp)
A 5% tariff on Mexican imports could cost 400,000 American jobs
Data journalist covering technological, societal and media topicsThe Trump administration's decision to take its global trade war south of the border could have profound economic consequences. A 5% tariff on all goods from Mexico is set to go into effect on Monday and according to a recent analysis, it could result in more than 400,000 American job losses.
Given the extent to which the economies of both countries are intertwined, there's a lot at stake on both sides of the border. In the U.S. at least, The Perryman Group estimates that the direct costs resulting from the tariffs would add up to $28.1 billion each year and impact consumers, producers and supply chains. For every year the 5% tariff is in place, net losses to the U.S. economy would come to an estimated $41.5 billion in GDP and $24.6 billion in income.
Taking a closer look at the situation by industry, Retail Trade would be hardest hit with 136,516 permanent job losses. Manufacturing and Other Services would also suffer around 57,000 job losses each. The economic consequences would be particularly harsh in Texas which is Mexico's largest export market by a substantial margin. It could lose up to $11.9 billion in GDP while potential job losses could total more than 117,000.
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