DENVER — Following tonight’s State of the Union address by President Trump, Governor Jared Polis released the following statement in response to the President’s continued defense of his invalidated tariff tax increases.
“I’m disappointed by many parts of the President’s speech, including his determination to keep taxes on hard-working Coloradans and all Americans, rather than issuing refunds. Tariffs are a tax – plain and simple – and families, farmers, and small businesses pay the price in higher costs at the grocery store, on construction materials, and everyday goods. You don’t lower costs by raising taxes on the American people,” said Governor Jared Polis.
While the President framed tariffs as economic strength, the impacts in Colorado tell a different story. A September analysis from the Governor’s Office of State Planning and Budgeting (OSPB) found that elevated tariffs contributed to the loss of 265 jobs and $80 million in GDP in Colorado’s agricultural sector, along with 476 jobs and $201 million in GDP in the state’s computer and electronics sector. Under the current tariff scenario, Colorado’s General Fund revenue was projected to decline by $241 million in FY 2025-26 and $440 million in FY 2026-27 compared to a lower-tariff baseline, straining resources that support schools, public safety, and infrastructure.
Nationally, the economic burden has been clear. Independent analysis from the Yale Budget Lab estimated tariffs added roughly $1,700 in additional annual costs per household. Two-thirds of Americans report that tariffs increased the prices they personally paid, and most Americans approve of the Supreme Court’s decision striking down unlawful tariffs.
Governor Polis emphasized that Colorado supports fair trade policies that strengthen American workers and expand markets for farmers and manufacturers. But lasting economic growth requires stability, constitutional limits, and policies that lower costs – not tax hikes disguised as trade policy.
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