In fact, the higher costs on imports has trickle-down consequences for Texas industries.

A vast majority of trade between Mexico and the U.S. has been exempt from tariffs for months. That could change on Monday.

President Trump has introduced a plan for 30% tariffs against the EU in part because of those deficits. However, McKelvey explained the resulting trade wars might hurt Texas businesses.

Find out how experts are assessing the current and potential future impact of tariffs, and more — in our latest coverage from The National Observer. Businesses scale back expansion amid economic ...