A state report warns that retaliatory energy tariffs from Canada could gradually increase costs for New York households and businesses. The report, requested by Gov. Kathy Hochul and Sen. Chuck Schumer, assesses the impact of tariffs tied to President Donald Trump’s trade policies.
The analysis highlights potential price hikes on natural gas, heating oil, propane, and electricity imports, with tariffs ranging from 10% to 25%. While short-term effects may be minimal, long-term costs could compound, especially if tariffs extend to other sectors.
Officials stress that federal assistance programs like LIHEAP remain crucial in offsetting rising utility bills for low-income residents. However, ongoing trade uncertainties make it difficult to predict the full financial impact.
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