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Governor Polis Releases New Report Detailing How Trump's Tariff Taxes Are Squeezing Colorado Businesses, Driving Economic Uncertainty, and Threatening Jobs

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DENVER ~ In a recent report released by the Office of State Planning and Budget, Governor Jared Polis has revealed the damaging effects of President Trump's tariff policies on Colorado's economy. The coordinated report, which was also conducted by the Colorado Office of Economic Development and International Trade (OEDIT), the Colorado Department of Agriculture (CDA), and the Colorado Department of Labor and Employment (CDLE), provides a detailed analysis of the impact these tariffs have had on businesses, farmers, ranchers, and consumers in the state.

According to Governor Polis, this report confirms what many in Colorado have been experiencing for months - that Trump's tariffs are essentially a costly tax. The report highlights how businesses are being forced to pass on higher costs to consumers, farmers are facing unpredictable markets, and overall uncertainty is putting key industries at risk. Governor Polis also stated that Colorado will continue to fight for expanded overseas markets for products made and grown in the state.

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The report found overwhelming evidence that tariffs are disrupting business planning, increasing operating costs, straining supply chains, and creating market uncertainty across various industries. In fact, 86% of respondents from Colorado businesses reported challenges as a result of tariffs compared to only 14% who saw any benefits. Additionally, 80% of agricultural respondents anticipate future negative impacts from tariffs including pricing increases, sourcing difficulties, and delivery delays.

One major finding from the report is that tariffs are essentially a tax on Colorado businesses. OEDIT conducted interviews with employers in various industries such as construction, technology, retail, bioscience, energy, and manufacturing. These interviews revealed that tariffs are not only siphoning funds away from research and innovation but also hindering hiring and wage increases. The financial burden imposed by tariffs was reported as the top concern among businesses. This includes tariff payments on imports as well as increased personnel costs due to warehousing. Furthermore, these policies have created uncertainty which makes long-term planning difficult for businesses. In fact, the report shows that business leaders' confidence in their ability to plan has significantly decreased since the implementation of tariffs.

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The impact of tariffs is also felt heavily by small businesses, which are already operating with thin margins. Many small businesses reported being faced with "agonizing choices" such as cutting salaries, delaying investments, or even closing altogether.

In conclusion, the report released by Governor Polis highlights the detrimental effects of President Trump's tariff policies on Colorado's economy. It serves as a call to action for continued efforts to expand overseas markets and mitigate the negative impacts of these tariffs on businesses, farmers, and consumers in the state.

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