SANTA FE — New Mexico State Treasurer Laura M. Montoya, alongside California State Treasurer Fiona Ma, CPA, Colorado State Treasurer Dave Young, and County Treasurer Sarah Benatar (Coconino County, Arizona), issued strong responses to President Donald Trump’s temporary pause on increasing tariffs on Mexico by 25% in a media advisory call in February. Montoya is renewing her call for action with increased fervor as the pause comes to an end March 4.
“With the tariff pause ending today, we are facing real, disastrous consequences for New Mexicans and industries across our state,” Montoya said. “Imposing such a large tariff increase on Mexico, our state’s and our nation’s largest trading partner, puts families, jobs, businesses, and our economy at risk.”
Montoya pointed out that the tariffs will impose higher operational costs on New Mexico’s industries and national laboratories, stalling innovation and national security efforts while also making life more expensive and burdensome for everyday New Mexicans. New Mexico’s economy, sustained by the oil and gas, agriculture, health care, housing, energy, aerospace, defense, film, construction, and technology industries, is inextricably linked to trade with Mexico. Her statement expressed that the harmful consequences to New Mexico’s industries caused by the extreme tariff increase and disruption of New Mexico’s otherwise secure and robust relationship with Mexico are already being felt by hard-working New Mexicans, small businesses, and communities across the state.
“The Trump Tariff War on Mexico is a reckless gamble with people’s lives, their well-being, and their futures,” Montoya said. “Mexico is our state’s largest trade partner, sourcing a quarter of all imports amounting to more than $2.5 billion per year. The ramification of shattering our economic stability is chaos that will prove detrimental to spending, market rate volatility, and overcompensated inflation with long lasting effects.”
