Gov: Trump’s Tariffs Are Hidden Tax Costing New Yorkers Thousands

New York lawmakers say President Trump's tariffs are a hidden tax on New Yorkers, costing us thousands of dollars.

New York Gov. Kathy Hochul just released he findings of the New York State Tariff Disruptions Report, a statewide analysis documenting the impacts caused by the Trump Administration’s tariff policies.

Governor Hochul Says Trump-Era Tariffs Are Costing New Yorkers Thousands

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Hochul says Trump's tariffs are hammering New York’s economy, and New York families are paying the price.

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The report says Trump' tariffs are effectively acting as a 21 percent tax on imported goods, costing New York families an estimated $4,200 a year.

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The report also says inflation is nearly 52 percent higher than the 10-year average, driving up prices on everything from milk and medicine to steel and housing materials.

“New Yorkers are seeing firsthand what these tariffs really are — a tax on hardworking families and employers,” Hochul said. "Tariffs are threatening to undermine all of this. They raise prices on everything from milk and medicine to steel and housing materials, while doing nothing to strengthen our economy. Punishing the very people who keep our state moving.”

Key Findings Of the Report:

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The report, ordered by Hochul back in July, was compiled by Empire State Development and the Office of General Services, along with several other agencies.

Incoming: Thousands Fleeing Florida, California, Texas For New York
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It details how tariffs have disrupted supply chains, driven up costs, and put jobs at risk across the state.

Here’s what the numbers show:

Agriculture: Farms are paying thousands more for fertilizer and equipment, with milk exports down 7 percent statewide.

Construction: Material costs jumped up to 25 percent, adding around $11,000 to the cost of a new home.
Tourism: Nearly 400,000 fewer Canadian visitors came to New York this May compared to last year.
Health Care: Tariffs on imported medical supplies raised costs and increased premiums for state workers by $14.5 million.
Manufacturing: Input costs have climbed 20 percent, delaying investments and cutting profits for New York manufacturers.

“Donald Trump’s tariffs are a hidden tax on working families and small businesses. His misguided trade war with a close ally has driven up prices, cost jobs, and hurt communities," State Senator Sean Ryan said.