Houston Public MediaPresident Donald Trump’s 10% tariffs on Canadian and Mexican crude oil imports are having little effect on Houston-area refineries so far. But Ed Hirs, a UH energy fellow, says a recession is around the corner for the local economy.
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Houston will be in recession by summer because of tariffs, falling crude oil prices, UH economist forecasts
University of Houston Energy Fellow Ed Hirs says the combined effect of President Donald Trump’s tariffs on imported crude oil and falling crude oil prices globally are balancing out for now. But, Hirs adds, investment is already grinding to a halt and companies are planning for layoffs in the near future.
