U.S. Sen. Martin Heinrich (D-NM) met with local business owners and community organizations in Albuquerque Thursday to discuss rising costs facing New Mexico families, which he said are being driven by tariffs and the conflict with Iran.
Americans and businesses have paid an estimated $166 billion as a result of President Trump’s tariffs enacted under the International Emergency Economic Powers Act. The U.S. Supreme Court ultimately invalidated a president’s authority to impose widespread tariffs and businesses can now apply for refunds.
A Heinrich said New Mexico families have already paid an average of $1,355 more since Trump took office.. That’s based on a report from the Joint Economic Committee-Minority that looked at the impact of inflation under the Trump Administration.
“So many of the increases in cost that are bearing down on average folks are a matter of policy,” said Heinrich.
Lindsey Kay is president and CEO of the Women’s Economic Self-Sufficiency Team (WESST), a small business incubator in Albuquerque that hosted the roundtable. She said food business owners are worried about what the market will look like if the economy is impacted further and how they will access capital to start or grow a business.
“Once costs go up, people are not eating out as much, people are not engaging in recreation, they’re not participating in certain industries as much,” said Kay.
Brianna Smith with the South Valley Economic Development Center said farmers are hesitant to sell crops amid uncertainty surrounding tariffs, fertilizer costs, and whether they’ll still be able to turn a profit
“We have enough food from farmers to feed New Mexicans, the problem is how do we get it to everyone in New Mexico? And with the rising costs that we’re seeing right now, from tariffs to fuel to uncertainty in the world, we’re not able to do that right now,” said Smith.
Katy Anderson, vice president of strategy, partnerships, and advocacy with Roadrunner Food Bank, said they see the impact from the cost of groceries on seniors.
“We’ve heard horror stories of someone who is living on a subsidized budget as a senior citizen making a food box that’s meant to last a week, last a month,” said Kay.
Heinrich said because so many goods are transported by diesel trucks, rising fuel prices can ripple across the economy, driving up costs for both businesses and consumers. He said he expects those pressures to continue.
The Economic Policy Institute’s Family Budget Calculator estimates that a single filer in New Mexico needs to earn $45,087 and a family of four $105,685 to cover basic living expenses in Albuquerque.
Heinrich has introduced the Working Americans’ Tax Cut Act, to provide relief from the increased prices of everyday essentials due to the tariffs.
This coverage is supported by the W.K. Kellogg Foundation KUNM listeners like you.
