The Impact of Tariffs, State by State

©iStock/Andreyuu

The tariffs are coming.  The tariffs are coming.  Run as fast as you can!  Not sure that will do any good.  According to President Donald Trump, the sweeping U.S. tariffs on imports from Canada and Mexico are set to begin next week “will go forward” when a monthlong delay expires, Trump said Monday [2/24/25], and they will begin “on time, on schedule.”

That will affect each state differently. For some states, such as Montana and New Mexico, nearly all of their import and export exposure is to a single targeted country.  Energy — such as oil for Montana and Oklahoma, electronics for New Mexico, and auto parts such as EV batteries for Texas and California, where Tesla has a big presence — looms large in the trade battle. 

But the impact to local economies and consumer prices will range widely.