Metropolis Council Speaker Adrienne Adams and different metropolis lawmakers warn President Trump’s tariffs may injury town’s economic system and considerably elevate the costs of on a regular basis items. Wednesday, April 9, 2025.
Gerardo Romo / NYC Council Media Unit.
Metropolis Council leaders warned on Wednesday that President Trump’s sweeping tariffs may injury Gotham’s economic system and place additional pressure on New Yorkers already struggling to make ends meet. In addition they known as out Mayor Eric Adams for refusing to criticize Trump over the problem.
The escalating sequence of tariffs between the US and buying and selling companions like China and the European Union, which Trump set off final week, despatched the inventory market right into a risky frenzy and brought about widespread concern of hovering costs. Tariffs are a tax on overseas imports of on a regular basis objects, comparable to automobiles and computer systems, that usually get handed onto customers.
“Just days after announcing arbitrary worldwide tariffs, Trump’s reversal is yet another example of the constant chaos he is imposing on all of us,” mentioned metropolis Comptroller and mayoral candidate Brad Lander in an announcement responding to Trump’s reversal.
“This level of uncertainty is bad for markets, bad for the economy, bad for investors, and bad for New York City,” he added.
‘Trump sabotaging our economy’
Information of President Trump’s 90-day tariff pause despatched the inventory market surging: the Dow Jones Industrial Common closed again above the 40,000 mark after seeing a virtually 3,000-point bump in afternoon buying and selling; the S&P 500 additionally shot up 9.5% Wednesday, and NASDAQ surged 12.2%. REUTERS/Brendan McDermid
“Trump is sabotaging our economy with the largest tax hike in over 50 years,” the speaker mentioned. “This continued chaos, if allowed to continue, will devastate New York City and the entire United States.”
The speaker mentioned as soon as the tariffs are absolutely carried out, New Yorkers may see spikes in costs for client items like groceries and electronics. She additionally famous that the tariffs threaten over 260,000 jobs within the metropolis.
“Trump compares this chaos to a bitter pill that we all need to swallow; try telling that to a New Yorker that’s living paycheck to paycheck, try telling that to a family that is already drowning in rent and child care costs,” mentioned Metropolis Council Finance Chair Justin Brannan, who was additionally current on the press convention.
The Metropolis Council known as for setting apart practically $2 billion in its Fiscal Yr 2026 Preliminary Price range Response to organize for Trump’s funding cuts. Brannan mentioned the council needs to be able to plug that cash into any funding gaps created by Trump’s sweeping cuts to federal grants and different financial turmoil brought on by his insurance policies.
“Trump compares this chaos to a bitter pill that we all need to swallow; try telling that to a New Yorker that’s living paycheck to paycheck, try telling that to a family that is already drowning in rent and child care costs,” mentioned Metropolis Council Finance Chair Justin Brannan, who was additionally current on the press convention.Gerardo Romo / NYC Council Media Unit
Nonetheless, Speaker Adams mentioned these funds wouldn’t be sufficient to mitigate the consequences of Trump’s tariffs in the event that they finally take full impact.
“This will be a self-inflicted injury so severe that no amount of fiscal management can contain it,” the speaker mentioned. “Despite our preparation for economic risks on the city level, we can only do so much to blunt the most devastating consequences.”
Moreover, Brannan mentioned the mayor’s finances workplace has not but acknowledged the $2 billion in income, and he mentioned they wish to reset it apart. Disputes between the Metropolis Council and the mayor’s workplace over the projected income town has at its disposal have dominated the previous few finances cycles and will play a serious function once more this 12 months.
‘Compromised if not continuing to collude’
Mayor Eric Adams insisted his heat relationship with President Trump is benefitting New York Metropolis. Tuesday, April 8, 2025.Credit score: Ed Reed/Mayoral Images Workplace.
Each Speaker Adams and Brannan additionally criticized the mayor for his tepid feedback on the tariffs over the previous couple of days. Brannan charged that Mayor Adams just isn’t adequately combating again in opposition to the Trump administration’s aggressive actions concentrating on town within the wake of the Justice Division dropping his legal indictment.
“We have an administration at City Hall that is compromised if not continuing to collude with the federal government,” Brannan mentioned.
The mayor’s reluctance to criticize Trump has change into a frequent level of assault by his critics, who allege he’s beholden to the Republican president.
For his half, the mayor has mentioned he doesn’t know sufficient about tariffs regardless of claiming that he spent a lot of final weekend studying about them. Nonetheless, he appeared to indicate basic help for Trump’s try to shake up the established order.
