U.S. Sen. Chuck Schumer said President Donald Trump’s tariffs could deliver a $7 billion “gut punch” to upstate New York families.

Schumer said the tariffs could result in families spending up to $6,500 more per year for goods. Also, they could affect more than 150,000 jobs in industries across the state.

“It’s a gut punch to upstate New York’s economy, a gut punch to New York’s economy, could devastate our families and small businesses in ways we haven’t seen since the height of the pandemic and thousands of upstate New York jobs are in the crosshairs.

Schumer said the stock market is already hitting its lowest point in years because of the tariffs. This is hurting upstate seniors’ retirements and leading to fears of a recession.