Tariffs could eliminate over 30,000 Washington jobs by 2029, report says

A new analysis by the state found that more than 30,000 jobs in Washington could be lost by 2029 due to tariffs.

The Office of Financial Management (OFM) published a report last month, stating crop production, food, beverage, and tobacco manufacturing, along with aircraft manufacturing jobs, are most at risk. 

“These job losses may spill over into the broader economy, affecting support services like transportation, education, and health care,” OFM added.

Meanwhile, jobs in fabricated metals manufacturing, textiles and apparel mills, and transportation equipment manufacturing are expected to grow.

“These gains suggest that select domestic industries may benefit from reduced competition with imports, prompting expansion and higher wages. However, the overall impact on labor income is negative,” the report stated.

Grocery prices in Washington predicted to rise 15%

Governor Bob Ferguson said, during a press conference Thursday, that the analysis also found grocery prices could rise by more than 15% over the next four years. 

“We also predict a 7% spike in the cost of clothes and shoes in the next year, a 14% increase in natural gas prices, which, of course, push up utility bills,” Ferguson added.

CEO of Northwest Harvest, Thomas Reynolds, said the nonprofit is working to provide food for every county in the state.

“At a time when federal food assistance programs are shifting and grocery affordability is increasingly out of reach, leadership across sectors must come together to ensure everyone has enough to eat,” Reynolds stated in an OFM news release.

Used car prices are predicted to rise 20 to 25% over the next two years, while new car prices could go up 6 to 8%.

State revenue could drop by $2.2 billion due to tariffs

The same report showed state revenues may drop by $2.2 billion by 2029, with trade-dependent communities feeling the brunt.

“The Trump Administration’s chaotic tariff implementation is already wreaking havoc on Washington’s economy and our businesses’ ability to plan for the future,” Ferguson stated in OFM’s news release. “This report makes it clear: The full implementation of President Trump’s tariffs will be devastating for Washington state families, businesses, and our state budget.”

The Trump administration is currently asking the U.S. Supreme Court to overturn a recent lower court ruling that found the president’s tariffs are unconstitutional.

Contributing: Aaron Granillo, KIRO Newsradio

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