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.