New Mexico State Treasurer Laura Montoya on Wednesday morning joined state officials across the nation to voice concerns about the economic effects in the year since President Donald Trump announced his “Liberation Day” tariffs.
Montoya spoke alongside Colorado State Treasurer Dave Young, Minnesota State Auditor Julie Blaha and Vermont State Treasurer Mike Pieciak at a news conference organized by the national nonprofit For the Long Term, which has a mission to equip state and local leaders with tools for “responsible fiscal stewardship.” During the news conference, Montoya said residents in states like New Mexico — which depends on international trade with Mexico and has long reported poverty rates above the national average — are particularly vulnerable.
Trump unveiled his “Liberation Day” tariffs on April 2, 2025. The U.S. Supreme Court earlier this year ruled that Trump’s tariffs were illegal, yet state officials on Wednesday sounded the alarm that consumers may have lost that money for good.
For the Long Term on Wednesday released a report that blamed the tariffs for eliminating 200,000 blue-collar jobs and for costing the average American household an additional $1,700 between February 2025 and this January.
“We risk destroying American industry from the inside out,” Montoya said. “The president, who prides himself on having mastered the art of the deal, and his administration, who baselessly laud each other for their so-called fiscal conservatism, failed in their own ambitions and delivered yet another poor performance that cost Americans more than they can afford.”
The multi-state coalition’s remarks come just weeks after attorneys general across the nation, including New Mexico AG Raúl Torrez, co-signed a March letter asking Congress to legislate refunds for businesses and citizens. At the time, the AGs estimated that Americans had paid $166 billion as a result of the tariffs — state treasurers on Wednesday said that number has only grown and compounds with about $24 million of interest daily.
“No court ruling can undo the damage that’s already been done,” Pieciak said.
Montoya said her office is “open to hearing” suggestions as to how state leaders can pursue refunds for New Mexicans.
“This is not chump change,” she said.