New report predicts tariffs could send shockwaves across WA economy

New report predicts tariffs could send shockwaves across WA economy Monica Nickelsburg September 04, 2025 / 3:00 pm

The financial fallout from federal trade policy in Washington state is beginning to come into focus.

A new report from the state's nonpartisan Office of Financial Management predicts broad hits to state revenue, jobs, and consumer prices by 2029 if the full tariff regime President Donald Trump announced on “Liberation Day” takes effect.

As tariff policy is a moving target for financial forecasters, the report also includes a model based on tariff policies in place on Aug. 7, assuming those rates hold long-term.

“It'll result in significantly higher costs for Washington families, the loss of tens of thousands of jobs, and billions of dollars lost in state revenue,”