The commerce secretary said President Donald Trump's sweeping new tariffs would drive as much as 1.5 percent gross domestic product growth.

President Trump is reportedly pushing for higher blanket tariffs on imports from the European Union, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect.

EDITOR: We consume democracy as if it were a never-ending fountain. Sadly, fountains dry up when the source is neglected.

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.