DENVER ~ Denver, CO - Governor Jared Polis gathered a group of small business owners, manufacturers, and industry leaders today to discuss the ongoing impacts of federal tariffs on Colorado's economy. The roundtable discussion, organized by the Colorado Office of Economic Development and International Trade (OEDIT), aimed to address the challenges faced by businesses due to increased costs and supply chain disruptions caused by tariffs.

During the meeting, participants shared their first-hand experiences of how tariffs have affected their businesses. They highlighted how these policies have raised costs, created uncertainty, and made it difficult to plan, invest, and grow. Governor Polis reiterated his stance on tariffs as a tax increase that hinders economic growth and job creation.

"Tariffs are a tax increase that raises costs, creates uncertainty, and makes it harder to grow and hire talent," said Governor Polis. He also emphasized the need for certainty, lower costs, and for the federal government to follow through on refunds so that Coloradans can get back what they are owed.

Despite the recent Supreme Court decision striking down major portions of the tariffs, business leaders pointed out that the impacts remain. Many small businesses are still facing higher input costs and ongoing uncertainty as they navigate a complex federal refund process. This process requires detailed claims and data submissions while the federal government works to return roughly $166 billion in unlawfully collected tariff duties. It is expected to take months or longer to fully complete.

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Nathan Peterson, Founder & CEO of Vederra Modular shared his concerns about how tariffs have pushed material costs up by 6-7%. He also highlighted supply chain instability and inconsistent delivery times as major issues faced by his business. To manage this situation, they have had to carry more inventory which has resulted in additional capital costs and ultimately driven up housing prices in Colorado.

Kay Martin, Founder & CEO of BOCO Gear expressed her gratitude for being included in the roundtable discussion with Governor Polis and his team. She emphasized the negative impacts of tariffs on their business, employees, customers, industry, manufacturing partners, and American consumers. BOCO Gear is a small Colorado business that serves a global marketplace.

Today's discussion builds on Colorado's ongoing efforts to understand and address the impacts of federal tariff policies. In 2025, Governor Polis directed OEDIT and state agencies to analyze the effects of tariffs across key industries. The analysis found widespread cost increases, planning challenges, and market disruptions for Colorado businesses.

According to the Office of State Planning and Budgeting's (OSPB) March Colorado Economic & Revenue Outlook report, actual U.S. tariff revenue in 2025 was $287.1 billion on $3.44 trillion in U.S. imports. This resulted in a U.S. effective tariff rate of 8.3%, which is a 219% increase from 2024. For Colorado, OSPB expects an effective tariff rate of 8.8% in 2026 and 7.7% in 2027, slightly below expectations for the U.S as a whole.

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The report also noted that small businesses have taken on an outsized burden of the tariff increases and lack the legal resources necessary to pursue refunds. In response, the state has expanded support for small businesses by providing technical assistance, supply chain support, and access to capital to help them navigate volatility in global markets.

State partners highlighted new and expanded resources available through OEDIT and World Trade Center Denver during the roundtable discussion. These include a program that provides regular tariff updates, one-on-one advising, and specialized consulting to help businesses reduce costs, diversify markets, and strengthen resilience.

Karen Gerwitz, President & CEO of World Trade Center Denver stated that more than 70% of tariffs were paid by U.S industrial manufacturers last year - the very group these tariffs were intended to help. She also expressed pride in partnering with OEDIT to offer manufacturers, importers, and distributors education, support, and some relief through the Tariff Mitigation Program.

Colorado remains committed to supporting small businesses, strengthening key industries, and advocating for policies that lower costs, expand opportunity, and provide the certainty businesses need to succeed. Businesses looking to learn more about navigating federal tariffs can submit an interest form for the Tariff Navigation Program.

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