FOR IMMEDIATE RELEASE:

Friday, April 11, 2025

PRESS CONTACT:

press@focalpointstrategygroup.com  bushra.elfarissi@sto.nm.gov

(505) 819-8887

Press Call: New Mexico State Treasurer Reacts to Trump’s Trade War Wiping Out Americans’ Investments and Retirement Savings

President Trump’s tariffs have wiped out trillions of dollars from Americans’ savings, as retirees consider reentering the workforce

Santa Fe – On yesterday’s press call, State Treasurer Laura M. Montoya was joined by State Treasurers Michael W. Frerichs (D-IL), Mike Pellicciotti (D-WA), Mike Pieciak (D-VT), and Erick Russell (D-CT) to sound the alarm on the devastating consequences resulting from President Donald Trump’s universal tariff increases, which has already wiped out trillions of dollars from Americans’ retirement accounts and savings while Trump and his wealthy friends profit.

“These tariffs are effectively imposing a new high tax on retirees’ savings, wiping away their safety nets and forcing many to consider reentering the workforce just to survive,” stated Treasurer Montoya. “It is deeply unjust to those who have worked hard their entire lives only to be robbed of the financial security they have invested in because Trump imposed inept economic policy without regard for Americans.”

Treasurer Montoya also highlighted that, despite the recent market upticks resulting from Trump’s 90-day tariff pause announcement, which intends to reward nations that refrain from retaliating with reciprocal tariffs, the ongoing uncertainty will continue to destabilize the economy and leave it susceptible to further shocks in the long-term.

“Though everyday Americans are struggling with uncertainty around retirement, I want to assure New Mexico that the state permanent fund and state pension funds are well- equipped, diversified, and focused on long-term stability,” stated Treasurer Montoya. “We are very intentional when we develop our asset allocation, diversification, and liquidity needs in order to ride out the storm and continue supporting critical public services, like education and health care.”

WATCH:

Treasurer Montoya Clip 1 Treasurer Montoya Clip 2

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Laura M. Montoya became New Mexico’s first female State Treasurer on January 1, 2023, and the nation’s first elected Latina State Treasurer, bringing the office over two decades of experience in banking, investments, and public policy. Under Treasurer Montoya’s direction, the office manages the state’s :17 billion investment portfolio. The Treasurer serves on 13 boards, councils, and commissions with fiduciary responsibility for state funds exceeding :150 billion.