ALBANY, N.Y.—New York Governor Kathy Hochul decried President Trump’s tariffs as a “reckless trade war” on August 7, 2025, as new data revealed the policy’s steep toll on consumers. The tariffs, effective today, are projected to raise prices on everyday goods, costing New York households an estimated $4,200 annually in additional federal taxes. With prices for electronics up over 18% and apparel soaring more than 37%, the state faces $33 billion in added import costs, straining families and businesses amid a national affordability crisis. State Democratic leaders, including Senate Majority Leader Andrea Stewart-Cousins, criticized the tariffs for undermining New York’s efforts to lower living costs, urging federal action to reverse the policy.
By the Numbers: On the White House’s Tariff Deadline, Governor Hochul Underscores the Detrimental Impact of Trump’s Trade War on New Yorkers’ Wallets
On August 7 Tariff Deadline, Trump Oversees Price Hikes on Everyday Essentials. Consumers and Businesses To Spend Additional $33 Billion To Cover Costs. Computers and Electronic Devices Up More Than 18%; Apparel and Accessories More Than 37%.
Governor Hochul today released new data on the expected impact of President Trump’s trade war on New Yorkers’ wallets. On the August 7 tariff deadline, Trump is overseeing historic price hikes on everyday essentials, forcing families to spend an estimated $4,200 in additional federal taxes — all against the backdrop of a national affordability crisis.
“As Trump rings in his August 7 tariff deadline, everyday New Yorkers know today is no cause for celebration. Consumers are bearing the brunt of his reckless and costly trade war, squeezing families’ wallets from the produce section to the back-to-school aisle.” Governor Hochul said. “In New York, the cost of living is too damn high and I’m doing everything in my power to put money back in your pockets. Instead of working with us, President Trump’s tariffs are only spurring more fiscal chaos and uncertainty.”
Here’s what New Yorkers are up against:
- New York State imported $160 billion of goods in 2024. Now, consumers face a new effective tariff rate of about 21 percent on most of these imported goods, according to DOB calculations.
- Consumers and businesses would need to pay nearly $33 billion in additional import taxes to continue buying the same amount of foreign goods with the tariffs rates announced as of July 30. This is nearly $4,200 in additional federal taxes per household in New York.
- New York imported $12.5 billion worth of computer and electronic products last year. A study by Yale university projects that prices for these products will go up by more than 18 percent because of tariffs.
- New York imported $10.8 billion worth of apparel and accessories last year. The same study projects prices will go up by more than 37 percent on everyday items like shoes and clothes, which are predominantly produced outside the United States.
Senate Majority Leader Andrea Stewart-Cousins said, “Since we took the Majority, our commitment to the people has been unwavering. We have successfully fought for the lowest middle-class tax rate in over 70 years, stood up for our small businesses, raised the minimum wage, fully funded our schools, and made strides to lower the cost of higher education and childcare. However, the level of cruelty being imposed by the federal government is truly alarming. While we have worked tirelessly to make New York more affordable, our progress has been undermined by the reckless tariffs enacted by the Trump administration. It’s time for New York Republicans to step up and truly defend our state. Instead, they continue to align themselves with Trump’s disastrous economic agenda, leaving hardworking families in New York to shoulder the burden while vital services are stripped away.”
State Senator Rachel May said, “President Trump’s tariffs are raising costs and forcing New Yorkers to stretch their dollars even further. New York’s small business owners are also taking a big hit with price spikes for inventory. I’m ready to work with my colleagues in the Senate Majority and Governor Hochul to do what we can at the state level to ease the economic hardship for New York residents caused by tariffs.”
State Senator Sean M. Ryan said, “Economists and rational elected officials have been warning for months that American consumers would bear the brunt of the costs of Donald Trump’s trade wars. We passed a state budget this year that reduces the cost of living for the average New Yorker, but Trump’s tariffs are raising costs here in New York and nationwide. It’s time for the federal government to put the American people first by walking back this short-sighted and chaotic foreign trade policy, and work instead to deliver fiscal stability and affordability for all Americans.”
Assemblymember Andrew Hevesi said, “With every policy development, the President is making life exceedingly more difficult for the very people and families he had promised to champion. Passing tariff expenses onto New Yorkers at the rate of $4,200 per household is not economic development, and it shows where the President’s priorities lie. No doubt, New Yorkers will see this for what it is.”
August 7, 2025
Albany, NY
Source: Governor.ny.gov , BigNY New York News
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