{"id":2830,"date":"2025-04-09T14:44:21","date_gmt":"2025-04-09T18:44:21","guid":{"rendered":"https:\/\/council.nyc.gov\/press\/?p=2830"},"modified":"2025-04-09T14:44:21","modified_gmt":"2025-04-09T18:44:21","slug":"after-3-days-of-turmoil-in-markets-from-trump-tariffs-speaker-adams-finance-chair-brannan-and-council-leaders-raise-major-alarm-of-threat-to-nyc-and-national-economy-tariffs-paused-by-whi","status":"publish","type":"post","link":"https:\/\/council.nyc.gov\/press\/2025\/04\/09\/2830\/","title":{"rendered":"After 3 Days of Turmoil in Markets from Trump Tariffs, Speaker Adams, Finance Chair Brannan, and Council Leaders Raise Major Alarm of Threat to NYC and National Economy \u2013 Tariffs Paused by White House Afterwards"},"content":{"rendered":"

City lawmakers called for President Trump\u2019s allies in city and state Congressional delegation to prioritize New York and working families across the U.S.<\/em><\/p>\n

Pause exemplifies chaos coming directly from White House that is undermining the economy and well-being of New Yorkers<\/em><\/p>\n

City Hall, NY \u2013<\/strong> Today, New York City Council Speaker Adrienne Adams and Finance Chair Justin Brannan, joined by other members of the Council\u2019s leadership, warned of the dire emergency that President Trump\u2019s tariffs could create for New York City\u2019s economy with ripple effects across the nation. The lawmakers called on Trump\u2019s allies in Congress, including from the New York Congressional Delegation \u2013 Representatives Nicole Malliotakis, Andrew Garbarino, Nick LaLota, Mike Lawler, Elise Stefanik, Claudia Tenney, and Nick Langworthy \u2013 to protect the City and State from potentially losing $20 billion in addition to working families across New York and the nation who will feel the impacts of the tariffs. Thirty minutes after the conclusion of this press conference, President Trump announced a 90-day pause on the implementation of his reciprocal tariffs, except for China, which was excluded from the pause.<\/p>\n

The pause represents a step towards achieving what the Council\u2019s leadership advocated for, and the Council continues to call for elimination of the destructive tariffs altogether. At the press conference, Council leaders outlined a modest protective measure against an unexpected economic downturn, while urging that the only way to avert this far greater man-made disaster is for President Trump to permanently halt his sabotage of the economy.<\/p>\n

The announcement was the latest in a string of chaotic actions by President Trump\u2019s administration that are unnecessarily threatening the health and stability of the city and nation\u2019s economy, including its unpredictable economic agenda, federal funding cuts, and extraction of already allocated funding streams to cities and states. In addition to the trillions of dollars lost in the stock market over the past few days, the tariffs would have increased the cost of common consumer goods and could have led to the loss of up to 260,000 jobs in New York City alone. If Trump\u2019s tariff policy resumes after 90 days and is not eliminated altogether, it will effectively serve as the largest tax increase in the US since 1968 and will drastically raise the cost of living and deepen the existing affordability crisis.<\/p>\n

\u201cThe 90-day pause on Trump\u2019s devastating tariffs shows the importance of us all standing up for working people against these disastrous economic policies, but it is only a temporary reprieve from the five-alarm fire that still threatens our economy, small businesses, and working families,\u201d said Speaker Adrienne Adams<\/strong>. \u201cIf Trump\u2019s tariffs go into effect, they will threaten our city and county, and working people will see prices skyrocket for groceries, electronics, and other goods while losing their jobs. Trump\u2019s allies in the New York Congressional Delegation must put New Yorkers first and help put an end to this proposed economic calamity before it\u2019s too late.\u201d   <\/p>\n

\u201cWhat we\u2019re seeing from the White House isn\u2019t leadership. It\u2019s chaos\u201d, said Council Member Justin Brannan, Chair of the Committee on Finance<\/strong>. \u201cOne minute Trump\u2019s tariffs are on, the next there\u2019s a pause. There is no plan, no strategy, just economic whiplash. And working New Yorkers are stuck paying the price. These tariffs are a tax hike on everyday people. Prices go up. Jobs are at risk. A recession is still very much on the table. When Wall Street stumbles, New York City feels it. That\u2019s the revenue we rely on to pay teachers, fund public safety, and deliver basic services. That\u2019s why the City Council set aside two billion dollars in expected revenue. We are watching the fallout closely and will use that funding to protect essential services if needed. We are doing our part to keep this city stable. But we should not have to do it alone. Congress has the power to step in. So where are they? Where are the Republicans willing to stand up to Trump and fight for working families?\u201d<\/p>\n

\u201cNew Yorkers are already facing an affordability crisis, and despite Trump\u2019s pause on these tariffs, hardworking families are still grappling with confusion and more uncertainty,\u201d said Deputy Speaker Diana Ayala<\/strong>. \u201cThis destabilizing agenda puts our fiscal health at risk, hampering our economic growth and prosperity. Too much is at stake for our city and its people. It is imperative that Trump\u2019s allies in Congress, especially representatives from New York, use this 90-day pause to work to reverse this economic disaster and protect working people in New York and beyond from further harm.\u201d<\/p>\n

\u201cThe delay in Trump\u2019s tariffs only gives us 90 days, not peace of mind or a sound solution,\u201d said Majority Leader Amanda Farias. <\/strong>\u201cTrump\u2019s reckless agenda isn\u2019t just bad policy \u2013 it’s economic sabotage that threatens working families in the Bronx and across New York City. As Chair of the Committee on Economic Development, I\u2019m deeply concerned about the devastating impact of these harmful decisions on jobs, consumer prices, and small businesses that are already struggling with inflation and affordability. We need leaders who are focused on protecting everyday New Yorkers, not playing games with their livelihoods.\u201d<\/p>\n

\u201cNew York City has always opened its doors to the world, and we know the benefits we enjoy from being a global city,\u201d said Council Member Carlina Rivera<\/strong>. \u201cWith tariff whiplash and market collapse, the Trump administration is sowing chaos that is going to harm New York\u2019s working families and most vulnerable communities. New York\u2019s congressional delegation must acknowledge the damage this will do to our state and work together to shield our economy from the further negative impacts that will surely drive down international tourism, disrupt cultural exchanges, and threaten the livelihoods and wellbeing of the workers and institutions that make our city a beacon to the world. New Yorkers have always come together to protect each other and defend our values and this moment will be no different.\u201d<\/p>\n

The White House\u2019s intention to cut the federal workforce further poses a threat to the ability of agencies to disburse allocated funding to localities and service providers. The City\u2019s budget has already taken a hit by the cancellation of $100 million in federal grants<\/a> for the Department of Health and Mental Hygiene, removal of $80 million in allocated FEMA funds<\/a> from the City\u2019s bank account, and the termination of an additional $188 million in grants<\/a> to support migrants. Equally concerning are Congress\u2019 plans to move forward with budget plans that would cut billions of dollars from American\u2019s health care through Medicaid, food assistance through Supplemental Nutrition Assistance Program (SNAP), and other key programs. These are programs relied on by millions of New Yorkers and any funding gap caused by cuts in federal funding could not be covered by the City and State.<\/p>\n

In the Council\u2019s FY26 Preliminary Budget Response<\/a> last week, $1.9 billion in reserves was set aside to address additional new needs and to account for any unforeseen budgetary risks, such as the reversal of allocated funding or an unexpected economic downturn. The Council\u2019s FY26 budget is defined by a need to rebuild a strong governing foundation and contingency plan to offset chaotic federal policy actions by the Trump Administration. However, the whiplash we have seen over the past few days, coupled with the widespread impact if the tariffs are resumed, has the potential to crash the city and nation\u2019s economy, going far beyond what could possibly be accounted for by any local or state government.<\/p>\n

If the tariffs proceed, the City\u2019s budget will be impacted by lower revenues, higher costs, and delays to infrastructure and housing development as a result. As prices and therefore costs increase, the expense budget will grow, with it taking several years for the full impact to be felt. Pension funds will have difficulty reaching their investment targets, requiring greater contributions from the City to safeguard retiree incomes. Capital projects will be delayed and amended to reflect the new pricing environment amid higher construction costs. Higher costs will likely require redesigning some projects, further delaying them.<\/p>\n

This additional burden will only add to the looming uncertainty of the stability of federal funds in the existing budget. This concern underscored today\u2019s call on Trump\u2019s allies in the New York\u2019s Congressional Delegation to take urgent action to stop the imposed tariff plan, which plunged the stock market into the red earlier this week. The potential for the resumption of reciprocal tariffs in 90 days, in addition to the existing and increased tariffs on China, threaten to devastate the national and local economy.<\/p>\n

###<\/p>\n","protected":false},"excerpt":{"rendered":"

City lawmakers called for President Trump\u2019s allies in city and state Congressional delegation to prioritize New York and working families across the U.S.<\/em><\/p>\n

Pause exemplifies chaos coming directly from White House that is undermining the economy and well-being of New Yorkers<\/em><\/p>\n

City Hall, NY \u2013<\/strong> Today, New York City Council Speaker Adrienne Adams and Finance Chair Justin Brannan, joined by other members of the Council\u2019s leadership, warned of the dire emergency that President Trump\u2019s tariffs could create for New York City\u2019s economy with ripple effects across the nation.<\/p>\n

…<\/p>\n

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