A report released on November 21, 2025, by the Colorado Office of State Planning and Budgeting reveals that 86% of surveyed businesses in Colorado perceive the tariffs imposed this year as detrimental, with only 14% considering them beneficial. The report, which follows an earlier analysis, highlights the financial impacts and the uncertainty stemming from fluctuating trade policies as major concerns for businesses across various sectors, including agriculture, aerospace, and manufacturing.

Governor Jared Polis's executive order in July mandated state agencies to assess the effects of U.S. trade policy changes. The report indicates that the effective tariff rate in Colorado has increased significantly, by sevenfold since the previous year. Business owners are reportedly facing difficult decisions regarding pricing, salaries, and employment, with some contemplating salary reductions and hiring freezes due to increased operational costs.

Eve Lieberman, executive director of the Colorado Office of Economic Development and International Trade (OEDIT), noted that some manufacturers are incurring costs as high as $2 million. The complexities of adjusting supply chains and navigating tariff changes have led to increased workloads for businesses.

Kate Greenberg, Colorado's agriculture commissioner, expressed concerns that the combination of tariffs and rising supply costs could lead to increased bankruptcies and foreclosures among farmers and ranchers. The uncertainty surrounding tariffs complicates future planning for agricultural producers, who are also facing challenges in securing loans, particularly during government shutdowns.

While the beef industry has seen price increases due to reduced supply, the Trump administration's decision to increase beef imports from Argentina has drawn criticism from agricultural organizations, which argue that it undermines U.S. ranchers. Colorado potato producers are exploring trade opportunities with Japan, and the beef industry is negotiating with Japan and South Korea to offset potential losses from reduced exports to China.

The report also emphasizes the importance of maintaining relationships with key trading partners, such as Mexico and Canada, to support Colorado businesses. State officials are working to raise awareness of financial programs available to small businesses and to leverage partnerships for economic resilience.