WATCH: State Treasurers Lay Out How Trump’s Tariffs Hurt American Farmers, Ag Businesses Across Nation

Treasurer Montoya (D-N.M.): Trump must “stop the chaos, the intimidation, and fear tactics”

Treasurer Frerichs (D-Ill.): Trump’s trade war “putting family farms in jeopardy”

Just one week after President Trump announced that the federal government was imposing sweeping 10 percent tariffs on virtually all imports, American farmers and agricultural businesses are already reporting severe market disruptions and financial distress. Today, State Auditor Julie Blaha (D-Minn.) and State Treasurers Michael W. Frerichs (D-Ill.), Fiona Ma, CPA (D-Calif.), Laura M. Montoya (D-N.M.), Mike Pellicciotti (D-Wash.), and David L. Young (D-Colo.), in partnership with Americans for Responsible Growth, hosted a press call to highlight the worsening economic damage caused by Trump’s trade war as prices skyrocket for businesses and consumers alike.

Speakers on the call highlighted how Trump’s tariffs are already disrupting agricultural markets, threatening family farms, and raising costs on everything from farm equipment, crops, fertilizer, and groceries in their states:

• Food prices will continue to rise 2.8 percent overall, including 4 percent for fresh produce. Some experts predict that grocery prices will rise by as much as 30 percent.

• More than 20 percent of farm income comes from exports and farmers rely on imports for crucial supplies like fertilizer and specialized tools. This combination will cause short-term damage to competitiveness and long-term damage to farmers’ market share.

Here is what speakers raised about the devastating consequences of Trump’s trade war on the agricultural industry and Americans’ pocketbooks: 

State Auditor Julie Blaha (D-Minn.):

• “Trump spends a lot of time talking about how tariffs are going to make us rich. Well, I don't think we should talk about anyone getting rich before we make sure farmers don't go broke.”

• “Minnesota soybeans are one of the biggest issues we're concerned about right now – the tariffs, especially the tariffs, a trade war with China – really affects soybean growers, and we talk about how this uncertainty can be problematic. One of the concerns a lot of farmers have is that during these signs of uncertainties, they may lose Chinese customers going to Brazil instead of Minnesota. Now, even if Trump reverses course, you still may not get that customer back.”

State Treasurer Michael W. Frerichs (D-Ill.):

• “I understand the pain Illinois farmers are going through because of President Trump's incoherent and reckless approach to tariffs. It can be hard enough to make a profit as a farmer. Trump is making it virtually impossible to make a profit today. He's putting family farms in jeopardy. Farmers are being hit on both ends by Trump's tariff taxes.”

• “Trump's reckless approach to tariffs isn't the way. It creates uncertainty and it creates chaos. Farmers want fair trade and they want stability. When they can't predict what the next six months will look like due to Trump's erratic moves on tariffs, they’ll hold off on expanding their operations. How can farmers and businesses feel safe making investments when they don't know what their costs are going to be due to Trump?”

• “Congress should be working to make things cost less for American workers, not more. We need effective trade policies that benefit all Americans.”

State Treasurer Fiona Ma, CPA (D-Calif.):

• “As the biggest and the largest state in the nation, the biggest exporter, the biggest grower of agriculture and wine, these tariffs are not helpful. They're not creating stability, and they're not providing one of the three basics: water, air, and food that is necessary for our people and our humanity.”

• “We are really dependent on all of our global brothers and sisters to be able to move goods around, sell goods, use goods, produce goods. That is the reality. These retaliatory tariffs on the U.S. are really creating problems for us and creating enemies from many of our allies that used to be our trusted friends.”

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

• “The U.S. agricultural industry is expected to take a huge hit. […] American farmers, ranchers, and farm workers deserve better than an administration that purposely sabotages our economy and livelihoods to make their rich friends richer, while the rest of us struggle to make ends meet and provide for our families—it is unacceptable. None of us can afford another round of Trump's failed trade wars, and our country cannot afford to treat our agricultural industry as collateral damage. I'm calling on President Trump to stop the chaos, the intimidation, and fear tactics, which seem to be his only play out of his losing playbook.”

• “The White House contacted us. […] We started the conversation by saying we're going to probably agree to disagree on almost everything, but I think it's important for you to see how badly your executive orders are negatively impacting my communities, and hopefully, somehow you'll have a voice to be able to stop some of the chaos and the madness. […] I'm hoping that some of these conversations will be fruitful to make good change for our people.”

State Treasurer Mike Pellicciotti (D-Wash.):

• “Washington State is one of the most trade-dependent states in the nation. Our agricultural sector fuels the state's economy and food production around the world, everything from apples and hops to seafood and wine. With 15 million acres of farmland supporting over 35,000 farms and over 170,000 jobs, Washington depends on reliable trade policy to ensure that this $14 billion industry remains competitive, growing, and reliable to keep food available and affordable. Unfortunately, the President and his reckless terror strategy have now set the table for prices to rise dramatically at the grocery store while crushing the economy of rural farming communities.”

• “Washington has long been an innovator in the agricultural and food manufacturing industry, developing strategies to produce safer, healthier, and more cost-effective food for families all across America. President Trump is creating unpredictability and long-term economic ripple effects that will impair Washington's ability to produce and afford agricultural products. In a state like ours, where an estimated 3 percent of jobs are connected to international trade, we cannot afford a White House that has no plan, no perspective, and no sense of the consequences for Americans. We must de-escalate this trade war before the consequence becomes irreversible.”

State Treasurer David L. Young (D-Colo.):

• “Left unchecked, Trump's trade war will shutter Mom and Pop producers across the country. We must put an end to the chaos before it causes lasting damage. A trade war would directly harm our agriculture industry, putting nearly 200,000 families at risk. Layoffs, higher prices, and decreased activity are a bad bargain for Colorado. It's time to take tariffs off the table once and for all. I urge my fellow State Treasurers and members of Congress to continue condemning the President's scattershot tariff policy. Together, we can protect our country's proud agricultural tradition.”
  
  

• “Without a clear plan and an effort for these businesses, small or large, to have an understanding of what the plan is, it's really hard for them to make business decisions. So we'll continue to reinforce that message to the White House.”

For more on how farmers and American shoppers are suffering from Trump’s reckless trade war, see this fact sheet.

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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. Minnesota’s state auditor oversees approximately $60 billion in local spending, helping to analyze how that money is being spent and with what kinds of results. She educates local leaders with the training, data, and analysis they need to make the best, most informed decisions in communities across our state. She represents Minnesotans on boards that deal with issues like investments, economic development, housing, and pensions. Before her election to this office, Julie Blaha served as a middle school math teacher in the Anoka-Hennepin school district, was past president of Anoka-Hennepin Education Minnesota, and was the first woman elected secretary-treasurer of the Minnesota AFL-CIO. 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.

Michael W. Frerichs (D-Ill.): Michael Frerichs was first elected Illinois State Treasurer in November 2014. He has been re-elected twice and started his third term in January 2023. Frerichs is the 74th person to serve in this role. Treasurer Frerichs was born and raised in the small, downstate farming community of Gifford, Illinois. He graduated from Yale University and spent two years in Taiwan, where he taught English to young students and learned to speak Chinese. He returned to Champaign County and launched his own technology business. He served as a volunteer firefighter. 

Fiona Ma, CPA (D-Calif.): Fiona Ma is California’s 34th State Treasurer. She was elected on November 6, 2018 with more votes (7,825,587) than any other candidate for treasurer in the state's history. She is the first woman of color and the first woman Certified Public Accountant (CPA) elected to the position. California is the world’s fifth-largest economy and Treasurer Ma is the state’s primary banker. Treasurer Ma has been a licensed CPA in California since 1992 and holds a Bachelor’s Degree in Accounting from the Rochester Institute of Technology (NY), a Master’s Degree in Taxation from Golden Gate University (SF), and an MBA from Pepperdine University.

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.

David L. Young (D-Colo.): David L. Young currently serves as Colorado State Treasurer, where he is responsible for managing the state’s investments, overseeing the treasury’s $90 billion in cash and assets, and ensuring the financial security of Colorado’s public funds. A champion for fiscal responsibility and long-term economic health, Treasurer Young brings decades of public service and financial leadership to the role. Before becoming State Treasurer, Young served in the Colorado House of Representatives from 2011 to 2019, where he was a respected voice on the Joint Budget Committee. Known for his bipartisan problem-solving and deep understanding of the state budget, he played a key role in crafting policies that improved education funding, expanded access to health care, and stabilized public pensions. With a background in education and special needs services, Treasurer Young has brought a people-first perspective to financial governance. He is committed to transparency, smart investments in Colorado’s future, and ensuring that public funds deliver real value for Coloradans. Under his leadership, the Treasurer’s Office has prioritized programs that support small businesses, empower local governments, and promote financial literacy across the state. David L. Young lives in Greeley, Colorado, and remains deeply rooted in his community.