Hochul: Tariffs will cost average New York household $4,200 a year

Press Release, Gov. Kathy Hochul’s Office

Governor Hochul today released new data on the expected impact of President Trump’s trade war on New Yorkers’ wallets.

On the Aug. 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 Aug. 7 tariff deadline, everyday New Yorkers know today is no cause for celebration,” Hochul said. “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.”

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, “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.”