FOR IMMEDIATE RELEASE

April 16, 2025

Contact: Bushra Elfarissi

(505) 819-8887

Bushra.elfarissi@sto.nm.gov

New Mexico State Treasurer Laura M. Montoya: New Mexico Agricultural Industry Expected to Take ‘Huge Hit’ From Trump Tariffs

Santa Fe – This morning, New Mexico State Treasurer Laura M. Montoya joined Colorado State Treasurer David L. Young, Minnesota State Auditor Julie Blaha, Illinois State Treasurer Michael W. Frerichs, California State Treasurer Fiona Ma, CPA, and Washington State Treasurer Mike Pellicciotti for a press call warning of the serious threats President Trump’s universal tariffs and deportation agenda pose to New Mexico’s agricultural industry and rural communities.

During the call, Treasurer Montoya highlighted New Mexico’s reliance on trade with Mexico

— the United States’ largest agricultural trade partner — as well as the critical role immigrant labor plays in keeping small to medium-sized and family-owned farms and ranches operating effectively. Farmers and ranchers across New Mexico and the nation could face financial ruin as Trump’s sweeping tariff hikes and deportation campaign exacerbate operational costs, shrink the agricultural workforce, and trigger retaliatory tariffs on American agricultural exports.

With over 60% of New Mexicans living in rural areas and 61% of U.S. farmers classified as non-citizen immigrants, Trump administration policies could have long-lasting, devastating consequences for New Mexico farms and ranches, food production, and the state’s economy.

State Treasurer Laura M. Montoya:

“For me and so many New Mexicans, this is more than a political issue – it is a matter of basic humanity. Our farm workers work long, backbreaking hours under the scorching sun or in freezing cold temperatures to support their families, feed this nation, pay taxes, and be productive members of our society.”

“Our immigration system is already broken, leaving so many navigating a legal maze designed more to gatekeep American opportunity than provide it — and the American agriculture industry is paying the price.”

“Trump’s tariffs are driving up costs for farmers, devastating small and medium-sized farms and ranches in an environment where worsening climate conditions and competition from large corporate farms are already pushing them to the edge of financial collapse.”

“None of us can afford another round of Trump’s failed trade wars, and our country can’t afford to treat our agricultural industry as collateral damage.”

WATCH: Full Press Call

Treasurer Montoya Timestamp: 12:33 – 16:44

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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.