Over the past two weeks, we’ve seen economic warning signs flashing red following another round of on-again, off-again tariff announcements from the White House. Stocks lost more than $10 trillion in value and bond yields spiked. I know that concerns about the unfolding economic situation are weighing on the minds of many Oregonians. I urge the administration to read the room: end the trade wars that are hurting the economy and raising the cost of living for Oregon families.

As state treasurer, I want Oregonians to know that the state’s investment portfolios (including the state’s public employee retirement fund) are well diversified and have withstood these types of market shocks in the past.

Yet no portfolio or business — no matter how resilient — is immune to global market disruptions or the chaotic uncertainty that has marked the administration’s head-spinning declarations and delays.

These market fluctuations have high stakes for all Oregonians. The funds the Oregon Treasury invests for savers has value that goes beyond dollars. They carry the hopes and dreams of hundreds of thousands of Oregonians saving for retirement, college or career training, a house, or other aspirations.

Market downturns can have costly implications for schools, police and fire departments, and other public services, too. Agencies may have to plug gaps in pension liabilities out of their service budgets if investments don’t come in at projected levels.

The Trump administration’s decision to delay many of the proposed tariffs for 90 days was welcome news. Tariffs are an unwanted and unnecessary tax that many Oregonians can’t afford. Economists have estimated that tariffs would slap an annual price hike of $3,800 per household on Americans. That tax increase comes at a time when almost half of Oregonians do not have $500 available to handle an emergency, according to a survey my agency, the Oregon State Treasury, released earlier this year.

Tariffs also will harm the Oregon economy and many family businesses. Oregon exports more than $15 billion per year to Canada, China and Mexico and our goods will become more expensive and less competitive as these nations respond to the Trump administration’s tariff levies.

Earlier in April, China imposed new 34% tariffs on Oregon and other states’ beef in retaliation for the president’s tariffs, potentially pricing Oregon ranchers out of Asian markets.

Oregon exports to other nations — including blueberries, hazelnuts, pears and seafood, such as shrimp and Dungeness crab — are caught in the trade war crossfire, leaving growers and fishermen squeezed and scrambling to find new buyers.

As a doctor, I know that financial health is vital for physical and emotional health. The cost of living strains the wallets and wellbeing of too many Americans. Young people despair of ever buying a home. Wealth inequality erodes our common bonds and deficits narrow the horizons of our possibilities. An economy driven at the national level, in which half of Oregonians don’t have $500 for emergencies, needs to work better for more people.

The Trump administration’s tariff tax “medicine” will only compound these ills, not cure them. Its tariff plans have destabilized markets and vaporized trillions in stock values, which have yet to fully recover. They have shaken the confidence of consumers at home and investors abroad. The Trump administration’s chaotic decision-making leaves businesses paralyzed by uncertainty.

It doesn’t have to be this way. The Trump administration can change course and revoke these reckless tariffs once and for all.

In the meantime, Treasury stands with Oregonians during these difficult times. We expect that markets will continue to experience ups and downs in coming weeks and months. As we navigate the rough waters ahead, we will stay true to the strategies of sound financial management that have served and safeguarded Oregon well through similarly anxious times before.

Elizabeth Steiner was elected Oregon treasurer in 2024 and took office in January. She is a former Oregon legislator.