Oregon’s economy is losing momentum just as new U.S. import tariffs drive up business costs, reducing profit margins and increasing consumer prices already strained by inflation.
State economists say Oregon is trailing the nation in growth, and that job losses are mounting across several industries. The state in July had nearly 25,000 fewer jobs than it did a year ago.
“This is economically unprecedented territory,” Oregon Chief Economist Carl Riccadonna said.
Tariffs at historic highs
The Trump administration has increased import tariffs through executive action this year, raising prices of imported products like bicycles and wine. The average effective U.S. import tariff rate has risen to its highest level since 1934, reaching 17.9% as of Sept. 26, according to the Yale Budget Lab…