State Treasurer warns tariffs could have outsized impact on WAs financial strength

Washington State Treasurer Mike Pellicciotti highlighted the state's impressive fiscal stability, recently reaffirmed by a triple-A credit rating from Moody’s. However, he cautioned that federally-imposed tariffs could undermine this strength, with a potential loss of 33,000 jobs projected due to current trade policies. Pellicciotti stated that the economic ramifications of tariffs are particularly severe for the state's agricultural sector, which underpins much of its economy. During his recent visits across various counties, he has engaged with local leaders about these pressing issues. He and Gov.

Bob Ferguson are actively seeking legal recourse against what they label as “unlawfully and recklessly imposed tariffs. ” Pellicciotti's background in rural economic development informs his focus on agriculture and its significant role in Washington's economy. He noted that challenges in agriculture often lead to broader economic concerns, affecting jobs and revenue statewide. The treasurer's initiatives, including the LOCAL program, aim to support small towns and mitigate the impact of these economic pressures.