WA could lose billions in revenue from Trumps tariffs, new report says

A report from Washington's Office of Financial Management warns that the state could lose $2. 2 billion in revenue by 2029 if President Trump's import tariffs remain in place. Governor Bob Ferguson stated that nearly 32,000 jobs might be at risk, with agriculture and aerospace being particularly vulnerable in this border state. The report projects that a family's grocery expenses could increase from $6,000 to $7,000 annually by 2027. Additionally, the analysis forecasts significant price hikes across various sectors, including a 7% rise in clothing prices and a 23% jump in used car prices.

Ferguson criticized the federal administration's handling of trade policies, asserting that Washington residents would bear the brunt of these tariffs. The state may consider withholding federal income tax collections as a response, a tactic previously suggested by California's governor. Ferguson is set to meet with the Northwest Seaport Alliance to discuss the tariffs' impact on trade. The next revenue forecast could provide insight into the tariffs' immediate effects on Washington's economy.