Bloomberg Talks NY Gov. Kathy Hochul Talks Trump Tariffs
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Apr 3, 2025 Kathy Hochul, the Governor of New York, joins the discussion on the economic fallout from Trump's tariffs, labeling them a 'tax increase' and 'unforced error.' She highlights the struggles of local businesses in tourism and agriculture, grappling with rising costs. Hochul stresses the need for state tax cuts and effective strategies to support affected sectors. The conversation also touches upon the importance of collaboration among New York's political leaders to address pressing issues such as affordability and public safety.
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Tariffs as a Tax Increase
- Trump's tariffs are like a massive tax increase, impacting New York's diverse economy from Wall Street to farms.
- Decreased Canadian tourism, rising farm costs, and higher consumer prices are already evident.
Dairy Farmer's Burden
- A dairy farmer in upstate New York faces a $10,000 monthly cost increase due to tariffs on Canadian goods.
- This demonstrates the direct impact on agricultural businesses and rural communities.
Manufacturing and Tariffs
- While New York is attracting advanced manufacturing, the tariffs will still affect their supply chains and costs.
- The long-term benefits of the tariffs are uncertain, and immediate price increases are a concern.