WATCH: State Treasurers Condemn President Trump’s New Taxes on the American People After WH Announces Universal 10% Tariffs

13 State Treasurers Release Letter Warning American People of Devastating Impact of Trump’s Tax Increases

Treasurer Erick Russell (D-Conn.): “Liberation Day is tax day for hardworking Americans and I want to be very clear: this does not benefit the people of Connecticut or the people of America.”

Treasurer Laura Montoya (D-N.M.): “Trump’s tariffs threats will suffocate our state, national, and global economies.”

Today, President Trump announced a new 10 percent tariff on nearly all imports coming into the United States and an even higher tariff on dozens of countries that have the highest trade deficits with the United States. In response, Americans for Responsible Growth hosted three state treasurers and one auditor—Treasurer Erick Russell (D-Conn.), Treasurer Laura M. Montoya (D-N.M.), Treasurer Mike Pellicciotti (D-Wash.), and State Auditor Julie Blaha (D-Minn.)—to call out President Trump’s worsening trade war, warning that Trump’s tax increases are already having a devastating effect on their state’s communities and small businesses as prices rise for all American consumers. 

The treasurers on the call—having penned a letter earlier today condemning the upcoming tariffs—highlighted the absurdity of the White House’s “Liberation Day” narrative and noted the reality on the ground, speaking to how tariffs have already rippled throughout their local economies. Speakers demanded that Trump end his trade war and abandon his new taxes on the American people that are raising costs on necessities like groceries and cars, prompting layoffs in countless industries, and causing economic instability as our closest trading partners implement their own retaliatory measures on hundreds of billions worth on U.S. products.

Here is what the State Treasurers had to say about Trump's deeply unpopular "Liberation Day" tariffs that threaten to plunge the American economy into uncertainty and raise costs for families and workers:

State Auditor Julie Blaha (D-Minn.):

• “Just a couple weeks ago, 630 iron workers were laid off in northern Minnesota in anticipation of these tariffs. Now, that is in an area that is incredibly hard hit and they’ve gone through these things before, but this is a little different this time [...] These layoffs are indefinite.”
  
  

• “Just this morning, we found that there’ll be 120 health care workers laid off in Minnesota in the public health arena, because of Trump’s other cuts. So, it is simply amplifying itself—one bad choice expands another bad choice. But, here’s the thing, I think we knew that Trump’s trade war was going to have a bad effect on the economy—what we didn't realize is how quickly and how clearly those effects would hit us.”

State Treasurer Laura M. Montoya (D-N.M.):

• “It’s evident that our economy relies heavily on trade with our allies. Trump’s tariffs threats will suffocate our state, national, and global economies—disrupting our way of life. Trump is playing games with people's lives and it's a huge punch in the gut to all of those who have consistently carried this nation on their backs.”

• “These tariffs are not just about the import and export of products or about supply and demand or inflation—these tariffs are about people and the President brought this war to our home front. New Mexico recently topped WalletHub’s list as the most stressed states in America with financial conditions—including having the third highest poverty rate in the country—cited as the major contributor to stress levels. As prices rise, residents already struggling with the stresses that come with poverty will face even greater challenges to make ends meet. The Trump tariff war is a reckless gamble with people’s lives, their well-being, and their futures.”

State Treasurer Mike Pellicciotti (D-Wash.):

• “The unilateral decision being made by the President today to start a trade war with other nations and put a trade tax on the working families of the United States, is a decision that he’s making that serves only political interests—not economic interests. And the reality is those who are going to be hit the hardest for this are the working families who are going to be paying more in costs at the grocery store, they are going to be the one who are going to be losing their jobs as a result of this situation, as a result of the decisions made by the President today, and once again, we have a decision being made by the President that is going to lead to negative economic consequences.”
  
  

• “[Trump] can talk about a golden age, but the President wants to own all the gold. He wants to be the one surrounded by the gold, and he wants all of the working families to pay for it, and they’re going to pay for it through new taxes. They’re going to pay for it through increased costs, and they’re going to be left holding the bag so that he can surround himself with the gold that the working families create throughout our country.”

State Treasurer Erick Russell (D-Conn.):

• “The president ran on a platform and a campaign around promising economic prosperity and affordability to American families, and we’ve seen just over the last two and a half months, the exact opposite. We’ve seen chaos and uncertainty; and who has been impacted by that the most is hardworking everyday Americans in this country. We’ve seen prices increasing due to inflation ticking up. We’ve seen consumer confidence waning. We’ve seen 401(k)s and people’s retirement security tanking after the worst quarter that we’ve seen in US equity markets since 2022.”
  
  

• “Liberation Day is tax day. This is tax day for hardworking Americans, and I want to be very clear: this does not benefit the people of Connecticut or the people of America. This is going to further the creation of instability and uncertainty, and we’ve already seen it with this stop-and-go implementation of tariffs. We’ve seen the rattling of financial markets. We are seeing trade relationships being destroyed, including with some of our closest allies. We’ve seen damage done to our national security alliances, and most importantly, we’re seeing increasing costs to American families, and we’re going to see this across the board.”

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Speaker Biographies: 

Julie Blaha (D-Minn.): Julie Blaha is Minnesota’s 19th State Auditor. She was sworn in on January 7th, 2019 and in her inaugural address pledged to protect the high standards Minnesota is known for in government operation and finances. Blaha grew up in Nowthen, Minnesota. She graduated from St. Cloud State University with a B.A. in elementary education and earned her masters degree in education from St. Mary’s University. Blaha lives with her husband Roger in Ramsey and enjoys spending time with her family, including her five grandchildren.

Laura M. Montoya (D-N.M.): Raised and educated in Northern New Mexico, Laura M. Montoya broke barriers as the first female New Mexico State Treasurer and the first elected Latina State Treasurer in the United States. Treasurer Montoya is a skilled, steadfast advocate for New Mexicans, having served the Land of Enchantment for over two decades at the federal, state, tribal, and local levels with experience in banking, investments, and public policy. Treasurer Montoya works tirelessly to address inequities through various initiatives, such as outreach for financial literacy, the New Mexico State Treasurer’s Achieving a Better Life Experience (NM STABLE) program, Baby Bonds, and leading conversations on Diversity, Equity, and Inclusion (DEI) strategies, both in New Mexico and nationally. Treasurer Montoya’s dedication ensures that sound financial policies and practices pave the way for a more equitable and prosperous future for New Mexico. The Treasurer manages the state’s $17 billion and serves on 13 boards, councils, and commissions with fiduciary responsibility for state funds exceeding $150 billion.

Mike Pellicciotti (D-Wash.): Mike Pellicciotti (Pelleh-chee-otti) was elected Washington’s 24th State Treasurer in 2020. Before being elected State Treasurer, Mike was an assistant attorney general and served two terms in the Washington House of Representatives. While representing the 30th Legislative District of South King and North Pierce Counties, he led efforts to increase penalties for corporate crime, to get “dark money” out of politics, and to increase government transparency. He has a Bachelor’s Degree in Business Administration and received his Master’s in Rural Development as a United States Fulbright Scholar. His Juris Doctor is from Gonzaga University. Mike is a lifelong fan of Gonzaga Basketball.

Erick Russell (D-Conn.): Erick Russell became Connecticut’s 84th State Treasurer on January 4, 2023. He administers the state's pension funds, debt and cash management, and unclaimed property, and oversees the Connecticut Higher Education Trust (CHET). A key achievement in his first term is launching the nation’s first statewide Baby Bonds initiative. Previously a partner at Pullman & Comley, Russell represented towns, cities, and the state in financing infrastructure projects, managing debt, and restructuring pension obligations. Born in New Haven, Connecticut, he earned a bachelor's degree from the University of New Haven and a law degree from the University of Connecticut. As a strong advocate for marginalized groups, Russell mentors young Black and LGBTQ individuals. He made history in 2022 as the first Black, out LGBTQ person elected to statewide office.