Trump’s tariffs will increase prices, cost families as much as $1,200 per year
WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) released the following statement on President Trump’s announced 25% tariffs on Mexico and Canada and 10% tariffs on China:
“Donald Trump’s tariffs are a tax on New Mexico’s working families. Trump’s tariffs will raise costs, kill jobs, and weaken our economy, costing New Mexicans up to $1,200 per household. With Mexico as New Mexico’s largest trading partner, Trump’s trade war and tariffs tax will directly hurt New Mexico’s farmers, businesses, and consumers.
“We need to be putting the interests of working people first, not last. And that starts by lowering costs, not raising them.”
While the effective dates of the tariffs are shifting, their catastrophic impacts are indisputable.
Background on How New Mexico’s Economy Relies on Trade with Mexico
New Mexico’s solid economic growth after pandemic-era disruptions was spurred in large part by cross-border commerce. An unnecessary trade war with Mexico drummed up by President Trump threatens to drive up prices for groceries, gas, cars, and other consumer goods, erasing wage increases and straining New Mexicans’ wallets.
Benefits to New Mexico from Trade with Mexico
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