The Peru Gazette

New York Families Have Paid An Estimated $1,751 Per Household Due to Tariffs Since They Were Enacted Last Year

Albany, NY – Feb. 24, 2026 NYS Press Release – Governor Kathy Hochul today called on the Trump Administration to refund the estimated $13.5 billion in tariff payments for New Yorkers, following the recent Supreme Court decision overturning the Trump tariffs. Based on estimates by the Yale Budget Lab, the average New York household has faced an estimated $1,751 in added costs due to tariffs since they were enacted last year, for a total estimated $13.5 billion statewide impact.

“These senseless and illegal tariffs were just a tax on New York consumers, small businesses and farmers — and that’s why I’m demanding a full refund,” Governor Hochul said. “I’ll never stop fighting for New Yorkers, and that means staying focused on putting more money back in your pockets — not ripping it away.”

In addition to the impact of Trump tariffs on millions of consumers, Governor Hochul has also highlighted the harm caused by tariffs on New York’s small businesses and particularly farmers across the state. As part of her 2026 State of the State, the Governor proposed $30 million in tariff relief to help support impacted farmers across the state. Even with the recent Supreme Court ruling overturning Trump’s tariffs, for many farmers the damage has already been done – with farmers across New York facing higher equipment and supply costs and other major challenges.

Tariffs add a layer of costs and uncertainty that make planning and future investment more challenging for farmers.

• Over 80 percent of agrochemical imports and 70 percent of farm machinery imports come from countries facing tariffs of 10 percent or more. Farmers will have trouble finding other suppliers to avoid tariffs due to the high concentration of imports from high-tariff countries.
• Farms statewide face higher expenses for fertilizer and equipment, with some farmers indicating that their businesses face increases up to $20,000 annually, while milk exports have fallen 7 percent.

In response to these negative impacts, Governor Hochul in January announced a proposal for $30 million in tariff relief for New York farmers as part of her 2026 State of the State.

This plan will deliver direct payments to New York specialty crop growers, livestock producers, dairy farmers, and aquaculture farmers to help address the challenges faced by impacted farmers across the state.

Additional proposed initiatives in this year’s State of the State are also geared towards supporting our agricultural industry, including another round of the Dairy Modernization Grant Program and extending the refundable investment tax credit to give farms the time and certainty needed to modernize operations and complete major projects.