Trump's Mexico and Canada tariffs would kill 2 million U.S. jobs, Texas economist warns

If President-elect Donald Trump goes through with his threat to levy steep tariffs on both Canada and Mexico, the U.S. would lose 2 million jobs and see its annual gross domestic product plummet by $250.6 billion, a top Texas economist warns. Trump has said he plans to impose 25% tariffs on all goods from Canada and Mexico in a bid to force leaders of the two major U.S. trading partners to crack down on immigration and the flow of fentanyl. In a new research report, Waco-based economist M. Ray Perryman cautioned that such a scenario would blow back on the U.S. to the effect of losses of 0.91% of gross domestic product, 0.95% of earned income and a 1.27% jump in unemployment.