The tariffs imposed by the Trump Administration pushed the price of imported goods higher by 21%, costing New York households an average of $4,200 a year and driving inflation nearly 52% above the decade-long average, according to a new state report.
The New York State Tariff Disruptions Report, released on Friday by Governor Kathy Hochul, found that tariffs have fueled price hikes across key sectors, from construction and agriculture to manufacturing and health care, threatening to undo years of job growth plus economic progress across the state.
Commissioned through a July 2025 directive from the Governor’s Office of State Operations, the report was led by Empire State Development and the Office of General Services, with input from agencies across multiple sectors. Their analysis documents rising costs, supply chain disruptions and increasing pressure on small businesses statewide.
Highlights from the report include:
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Agriculture: Rising fertilizer and equipment prices are pushing some farms to absorb as much as $20,000 in added annual costs, while milk exports have dropped 7%.
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Construction: Material costs have surged between 15% and 25%, adding roughly $11,000 to the price of a single-family home.
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Tourism: Tariffs contributed to a sharp decline in Canadian visitors, with nearly 400,000 fewer tourists in May 2025 compared to the same period last year.
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Health Care: Import tariffs on medical equipment and pharmaceuticals have increased costs across hospitals and raised premiums for state employee health plans by $14.5 million.
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Manufacturing: Input costs have jumped 20%, squeezing profit margins and slowing investment in New York’s industrial sector.
“New Yorkers are seeing firsthand what these tariffs really are — a tax on hardworking families and employers,” Hochul said in a statement. "Tariffs are destabilizing markets, straining small businesses, and punishing the very people who keep our state moving.”
