WATCH: State Treasurers Sound Alarm As Trump Tariffs Trigger Market Chaos, Threatening Americans’ Investments and Retirement Savings

Treasurer Montoya (D-NM): “These tariffs are effectively imposing a new, high tax on retiree savings.”

Today, in the wake of President Trump’s tariff threats triggering unprecedented chaos in the stock market, Americans for Responsible Growth, alongside State Treasurers Michael W. Frerichs (D-Ill.), Laura M. Montoya (D-N.M.), Mike Pellicciotti (D-Wash.), Mike Pieciak (D-Vt.), and Erick Russell (D-Conn.) hosted a press call to emphasize the real-world effects of Trump’s trade wars, including the destabilization of Americans’ financial security and future. The treasurers on the call highlighted Trump’s reckless, unpopular economic policy that is forcing many retirees to tighten spending and think about reentering the workforce just to make ends meet.

On the heels of penning a letter to the president last week, the state treasurers noted the reality on the ground and how Trump’s tariffs amount to new taxes on American seniors’ savings, driving up everyday costs like groceries and medications, and leading to poorer quality of life for some of our country’s most vulnerable populations.

Here is what the State Treasurers had to say about Trump’s tariffs that are eroding Americans’ retirement savings and increasing the costs of everyday goods families rely on:

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

• “Trump's irresponsible approach on tariffs crashed the stock market and caused major uncertainty around the globe. The seesaw effect that happens every time he makes the tariffs is a giant tax on everyone's retirement savings. Trump's self-inflicted error wiped out a chunk of your retirement savings. That's incredibly alarming and scary. You are counting on that money, and now you have to wonder month to month whether it will be there anymore, thanks to Trump.”

• “Not only is Trump hurting our retirement savings, his tariffs mean higher prices on food and medications for many seniors, who are among our country’s most vulnerable people. For American families who are still saving for retirement, Trump’s disastrous tariffs could set you back years from reaching your financial goals.”

• “State Treasurers, business leaders, and Main Street groups are calling on Republicans to protect America—take back the reins and end Trump’s twists and turns. Restore the stability that businesses and markets rely on to grow. [...] The blame begins and ends with President Trump, but we are ready to hold him accountable.”

• “My advice to Congress is that our Constitution gives us co-equal branches, and Republicans in Congress have turned over the responsibility for governing to President Trump. [...] As a result, a lot of Americans are scared and losing a lot of money. It's time for [Congress] to step up and take the reins back.”

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

• “Many people with retirement plans like 401(k)s and pension plans, which are often tied to the stock market, are watching their savings crumble under the weight of this country’s now erratic economic environment. These tariffs are effectively imposing a new, high tax on retiree savings—unfairly wiping away their safety nets and forcing many to consider reentering the workforce just to survive.”

• “Americans deserve to retire and to live dignified lives upon the coming of their age. It is deeply unjust to those who have worked hard their entire lives only to be robbed of the financial security they have invested in their entire lives, all because Trump imposed inept economic policies without regard for Americans’ quality of life.”

State Treasurer Mike Pellicciotti (D-Wash.):

• “The federal government and the White House are dramatically impacting the lives of everyday people. It’s impacting their retirement. It’s impacting their cost of living. The reality is, unlike the millionaires and billionaires who might simply not be able to have the new yacht that they wanted to get this year, for everyday folks it means they’re going to have to work years longer. It means they’re not going to be able to buy the groceries and afford the groceries they need this week. It means they might not be able to make rent this month.”

• “What we’re seeing is a situation now where people are looking at their 401(k)s, they’re looking at their retirements, things that they have worked their entire lives to earn, that are now being undermined. [...] Folks are asking themselves: Do I have to work years longer than expected? Am I going to have the retirement with dignity that I have earned, that I have followed the rules to be able to take advantage of throughout my life? The reality is, these are questions that they’re having to ask today for no reason other than the reckless economic policies that have been brought by the Trump administration in recent weeks time and time again.”

State Treasurer Mike Pieciak (D-Vt.):

• “In Vermont, and like a lot of the states across the country, we're trying to build a strong middle class for our economy. We need to strengthen our middle class to have a sound economy and to support a sound democracy. The implementation of tariffs, whether it's 10 percent across the board or whether it's a reciprocal formula that makes no sense, they impact working people and it makes it harder for them to get into the middle class.”

• “We talk to businesses here in Vermont almost daily about the impacts the tariffs are having on their operations—we hear from farmers, we hear from maple sugar makers, we hear from craft brewers—who all say it’s harder to get their materials because there’s a scarcity of them and because they’re more expensive as a result of the tariffs. [...] So we’re seeing higher prices across the board in our small businesses. Those costs are being passed down to Vermonters.”

State Treasurer Erick Russell (D-Conn.):

• “We urge Congress to stand up and finally do the work to protect hard-working Americans… We’re not in a situation where the president has unilateral authority to do anything that he wants. Congress can act. Congress has the ability to act right now to prevent these tariff policies from being implemented, as well as to stop many of the other damaging policies that have rolled out over the last two and a half months.”

• “We see town halls that members of Congress can’t even get through because of the anger and fear that people in their communities are experiencing—and that is only going to get worse as these policies are implemented, as inflation continues to kick up, [and] as more people are laid off en masse and as the economy slows down.”

# # #

Speaker Biographies: 

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. 

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.

Mike Pieciak (D-Vt.): Mike was inaugurated as Vermont’s 31st State Treasurer in January 2023. During his term, Mike has focused on economic and financial equity. Mike grew up in Brattleboro and graduated cum laude from Union College with a degree in political science. He received his law degree summa cum laude from the University of Miami School of Law where he served as editor-in-chief of the “Miami Law Review.” Mike currently resides in Winooski with his partner Will and English Setter Jetty.

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 communities, Russell mentors young Black and LGBTQ individuals. He made history in 2022 as the first Black, out LGBTQ person elected to statewide office.