Global Trade Impact on Texas

1. Attention-Grabbing Facts

1. Texas is an economic powerhouse unto itself without having to group itself to the rest of the United States. We have an enormous workforce and many companies moving to Texas to take advantage of the opportunity.s
2. There are many incentives offered to companies wanting to relocate to Texas, such as the Texas Enterprise Grant which helps those companies to expand or relocate here.
3. Headquartered and manufacturing facilities are being moved to Texas which is creating new jobs and allowing Texas to become an even larger economic competitor.
4. Texas has many more large ports of entry than I originally thought we had, having about 29 in total.
5. The imports versus exports of Texas goods is larger than I expected but surprisingly, we export more than we are importing.

1. Global Trade for Texas is having a great impact on our economy, pushing us to be the #1 leader in job creation. Because of our large workforce, we can support the incoming of these new businesses taking advantage of our booming economy while also offering them incentives and tax breaks. The impact of global trade has allowed us to import at lower priced raw materials and stay competitive in the global marketplace. In other areas, global trade has impacted our laws and regulations to create a system that is better for business with less regulations than other states or countries. The importance is huge because it affects every aspect of the way Texas operates, from our laws down to individuals and families that depend on the importation of foreign companies Headquarters and manufacturing to be able to work.
2. Texas has taken great strides in trying to appeal to companies and bring them to the state to create jobs, boost the economy, and increase foreign investments. One of which was the government investment into companies trying to relocate to our state to cover relocation costs and such. Another is the tax breaks and lack of income taxes on corporates that can save millions. Because Texas is so vast with so many cities and infrastructure to move goods, corporations have multiple options available to them for property choices based on their needs and cost range. As a state, we have the land, people, infrastructure, and regulations in place to support foreign trade and investments better than most if not all other states. The foreign trade zones help to mitigate some of the tariffs and customs that can hinder the company by costing them money, time, and spreading their resources too thin.

PART 2

In these negotiations, the consumers feel the impact and must adjust their purchases, choices, and lives around a “war” that they most likely don’t know about or don’t understand. Our American business must make hard decisions on whether to let their company take the hit completely or try to recuperate some of their loses by passing the loss onto their purchasers. The advantages of such negotiations could be the possible outcomes. The “war” was started with an end goal in mind, but if we can have a few concessions and still achieve that goal then the entirety of the negotiations and economic uncertainty might pay out in the end. Because Texas exports more than most other states, we should feel the largest impact in the trade. Though states like Alaska or Hawaii who have to import many goods might feel the impact of inflation for so than Texas. Yet, Texas will take a huge hit from the agricultural aspects alone.