Senate Minority Leader Chuck Schumer details impact of “Liberation Day” tariffs on Upstate New York (April 1, 2025)
While Senate Democrats put forth a resolution this week to end tariffs on Canada, Minority Leader Chuck Schumer said Trump’s “Liberation Day” tariffs will have a $7 billion annual impact on Upstate New York.
Schumer said according to the Yale Budget Lab, the tariffs going into effect today would increase costs for the average American family by up to:
- $3,400 due to Trump’s threatened “reciprocal” tariffs
- $2,000 due to tariffs on goods from Canada/Mexico/China
- $1,100 due to tariffs on goods in the automotive, pharmaceutical, and chip industries
He said the tariffs also could potentially impact more than 150,000 jobs in directly targeted industries in Upstate New York.
Schumer said Canada is New York State’s top importer and exporter, last year importing $20.5 billion of goods from Canada and exporting $17.4 billion. 70% of Canadian imports are used to manufacture American-made products. Every day, $2.5 billion worth of goods cross the United States-Canada border.
He added that with Trump already delaying the start of his tariffs twice, it has created uncertainty which has led to the stock market falling. According to Bloomberg, the stock market rout has intensified in anticipation of Trump’s next tariff rollout, with concerns about recessions leaving the S&P 500 Index on track for its worst quarter compared to the rest of the world since the 1980s.
The resolution from Democratic Senator Tim Kaine of Virginia would end the emergency declaration that Trump signed in February to implement tariffs on Canada as punishment for not doing enough to halt the flow of illegal drugs into the U.S. If the Senate passes the resolution, it would still need to be taken up by the Republican-controlled House.
The Associated Press reports a small fraction of the fentanyl that comes into the U.S. enters from Canada. Customs and Border Protection seized 43 pounds of fentanyl at the northern border during the 2024 fiscal year, and since January, authorities have seized less than 1.5 pounds, according to federal data. Meanwhile, at the southern border, authorities seized over 21,000 pounds last year.
Leave a Reply