Tariffs act as 21% tax, cost NY families $4,200 per year, says Hochul

ALBANY, New York (WWNY) - Governor Kathy Hochul says federal tariffs impose an effective 21 percent tax on imported goods, costing New York families an estimated $4,200 per year.

The Democrat announced the findings of a statewide report on Friday, containing data she directed state agencies to collect on the economic and social impacts of federal tariffs.

“Tariffs are destabilizing markets, straining small businesses, and punishing the very people who keep our state moving,” Hochul said in a statement. “New Yorkers are seeing firsthand what these tariffs really are — a tax on hardworking families and employers.”

She said inflation is nearly 52 percent higher than the 10-year average, and the tariffs have generated price surges across critical sectors, threatening to reverse years of e