Letter to President Trump

April 2, 2025

Dear President Trump,

The strength of America’s economy—and its leadership in the world—depends on stable, forward-looking trade policy. As state executives responsible for managing long-term public investments and safeguarding the economic well-being of our constituents, we are increasingly concerned that the current use of tariffs and unpredictable shifts in trade policy are imposing real and rising costs on American families, small businesses, and communities across all 50 states. These actions risk undermining the very foundations of our global competitiveness and fiscal stability.

We urge you to reconsider the imposition of new tariffs and to adopt a more deliberate, transparent, and strategic trade policy—one that supports American workers and businesses without sacrificing our economic resilience or global leadership.

The United States has achieved many decades of growth through strong, stable partnerships with allies who buy American goods, invest in American industries, and share our long-term economic interests. These relationships are not favors—they are strategic assets that have consistently delivered returns for the American people.

We understand the need to ensure trade policies reflect the interests of American workers and industries. But unpredictability in policy and messaging can disrupt the very businesses we rely on to create jobs and build local economies. Small and mid-sized companies, in particular, depend on a stable environment to plan investments, manage supply chains, and serve their communities.

Tariffs are, at their core, a tax—one that is already raising the cost of living for everyday Americans. Families are paying more for food, fuel, building materials, and household goods—at a time when household budgets are already stretched thin. These costs are not absorbed by foreign governments or corporations; they are passed directly to American consumers, becoming daily financial pressures felt in every one of our states.

Farmers and agricultural communities are especially vulnerable to the consequences of tariffs. In many rural regions, agriculture is the economic backbone. Tariffs on imported equipment, fertilizers, and other inputs raise production costs, while retaliatory tariffs from other nations restrict access to foreign markets. This combination of higher costs and fewer buyers squeezes farm margins and threatens the future of family farms and rural livelihoods.

In addition to harming domestic producers, tariffs damage America’s ability to export. Other countries are already retaliating by targeting U.S. goods, particularly in manufacturing and agriculture. When we make it harder for others to sell to us, they often respond by closing their doors to what we sell to them. That undermines one of the great strengths of the American economy—our ability to compete and lead in global markets.

These pressures also weaken the fiscal foundation of our states at the exact moment when we need to be investing more in our people. When consumer spending slows and businesses delay hiring or growth, state and local revenues decline—just as demand for public services like unemployment support, health care, and housing assistance rises. This dual strain limits our ability to invest in workforce development, education, infrastructure, and the systems that ensure Americans can fully contribute to our shared success in a competitive global economy. These are not abstract risks—we see the consequences play out every day in budget choices and community impacts.

American exceptionalism has always meant more than economic strength. It means global leadership—setting the terms of trade, championing the rule of law, and building alliances that support both our security and prosperity. As the global economy changes, our ability to lead with purpose and predictability is more important than ever.

We urge you to pursue a trade policy that strengthens America’s position in the world not just in the short run, but over the long term—one that reflects confidence, consistency, and the strategic leadership that has long defined our country.

Signed,

Deborah B. Goldberg, Massachusetts State Treasurer and Receiver-General

Mike Frerichs, Illinois State Treasurer

David L. Young, Colorado State Treasurer

Mike Pieciak, Vermont State Treasurer

Zach Conine, Nevada State Treasurer 

Julie Blaha, Minnesota State Auditor

Laura M. Montoya, New Mexico State Treasurer

James A. Diossa, Rhode Island General Treasurer

Erick Russell, Connecticut Treasurer

Elizabeth Steiner, Oregon State Treasurer

Mike Pellicciotti, Washington State Treasurer

Colleen C. Davis, Delaware State Treasurer

Fiona Ma, California State Treasurer