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Retaliatory energy tariffs imposed by Canada on the U.S. will, over time, raise costs for households and businesses across the state, and when combined with other tariffs, potentially lead to growing impacts, state agencies say in a report made for state leaders.
The state Department of Public Service (DPS), state Energy Research and Development Authority (NYSERDA) and the New York State Division of Homeland Security and Emergency Services (DHSES) released the report Thursday in response to requests from Gov. Kathy Hochul and Sen. Chuck Schumer, who asked for a review of President Donald Trump’s tariffs and return measures threatened by Ontario Premier Doug Ford on electricity, heating and energy reliability.
The report examines the impact the 10% energy tariff could have on natural gas, heating oil, propane, diesel and gasoline imports, and a range of impacts a 10-25% tariff could have on electricity imports.
The agencies reported that uncertainties regarding Trump’s trade policy made it difficult to forecast precise impacts, and cost increases "will not be material in the near-term" due to the state’s energy policies.
"However, the cost increases will be borne by households and businesses across New York and, over time, with added influence from tariffs on other sectors, New Yorkers could experience compounding cost impacts," the state DPS said in a statement.
It also notes that continued assistance from the federal Low-Income Home Energy Assistance Program (LIHEAP) is essential to help vulnerable New York households pay for their utilities.
