FOR IMMEDIATE RELEASE

February 13, 2025

Contact: Bushra Elfarissi

(505) 819-8887

bushra.elfarissi@sto.nm.gov

New Mexico’s Economic Stability At Risk: State Treasurer Laura M. Montoya Responds

To President Trump’s Mexico Tariff Threat

Santa Fe – New Mexico State Treasurer Laura M. Montoya, alongside California State Treasurer Fiona Ma, CPA, Colorado State Treasurer Dave Young, and County Treasurer Sarah Benatar (Coconino County, Arizona), issued strong responses to President Donald Trump’s threats to increase tariffs on Mexico by 25% in a media advisory call earlier today.

After announcing the tariff increase, President Trump suspended his plan citing pledges from Mexico to boost border security and stop the flow of illegal substances. This week, however, Trump said that Mexico’s actions to avert his high tariffs were “not good enough,” leading to uncertainty about the pause.

Treasurer Montoya pointed out that the proposed tariffs would impose higher operational costs on our state’s industries and national laboratories, stalling innovation and national security efforts while also making life more expensive and burdensome for everyday New Mexicans. New Mexico’s economy, sustained by the oil and gas, agriculture, health care, housing, energy, aerospace, defense, film, construction, and technology industries, are inextricably linked to trade with Mexico. Her statement expressed that the harmful consequences to New Mexico’s industries caused by the tariff threat and disruption of New Mexico’s otherwise secure and robust relationship with Mexico are already being felt by hard-working New Mexicans, small businesses, and communities across the state.

“The Trump Tariff War on Mexico is a reckless gamble with people’s lives, their well-being, and their futures,” stated Treasurer Montoya. “Mexico is our state’s largest trade partner, sourcing a quarter of all imports amounting to more than $2.5 billion per year. The ramification of shattering our economic stability is chaos that will prove detrimental to spending, market rate volatility, and overcompensated inflation with long lasting effects.”

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A recording of this advisory can be accessed here.

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.