DENVER – Today, Governor Jared Polis released a new report from the Office of State Planning and Budgeting (OSPB) showing the severe impacts of President Trump's reckless tariff policies on Colorado families, businesses, and the state's economy. The analysis, required by Executive Order D 2025 008, finds that tariffs have already increased costs across nearly every sector of Colorado's economy and threaten hundreds of millions of dollars in state revenues used to fund schools, housing, and health care.

"This detailed report makes clear what Colorado families are already feeling: Trump's tariffs are a tax on hardworking people and businesses that hurts our economy and state," said Governor Polis. "From groceries to housing to health care, Coloradans are sadly paying more because of the President's reckless trade war. Colorado will continue to fight for families, businesses, and jobs by calling out these harmful policies and this report gives us data to better understand the damage tariffs are causing Colorado's economy and encourage our members of Congress to stand up and support trade."

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The report shows that Colorado's effective tariff rate has skyrocketed from 3 percent in 2024 to 21 percent in 2025, the highest level in more than a century. This increase means that hardworking Colorado families are paying more for groceries, health care, energy, back-to-school supplies, and everyday essentials. The report warns that further tariff escalation could push the state into a recession and cost schools and health care as much as $805 million in revenue losses by FY26-27.

Tariffs are hitting Colorado's core industries hardest - agriculture, aerospace, energy, healthcare, construction, and advanced manufacturing - sectors that together make up nearly half of the state's economy and jobs. Tariffs are also increasing the cost of housing, a concern top of mind for Coloradans across the state, because of increased steel, aluminum, and lumber costs. Colorado's aerospace sector also faces steep tariffs on imports from Switzerland, while renewable energy and utility providers will see higher costs that will end up being passed on to consumers.

In April, Governor Polis took action against the Trump Administration filing a lawsuit alongside 12 other states to combat Trump's reckless and illegal tariff policies. In August, the US Court of Appeals for the Federal Circuit ruled that Trump's action under the federal economic emergency laws was illegal. Trump has since appealed to the Supreme Court, and Colorado will continue to challenge President Trump's high tariffs that harm Coloradan businesses and consumers.

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"The data is stark: tariffs are driving up costs across nearly every part of Colorado's economy, from construction materials to medical equipment, while simultaneously reducing state revenues that fund schools and services," said Mark Ferrandino, Director of OSPB. "By quantifying these impacts, we are equipping the Governor, lawmakers, and local partners with the information needed to protect Colorado's economy and communities."

Governor Polis reiterated that Colorado will continue working with businesses, state agencies, and other states to mitigate tariff harms while pressing the federal government for greater transparency and relief. Copies of today's full tariff impact report will be sent to all ten members of Colorado's federal delegation.

Read the full tariff impact report.

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