#TrumpTariffs The memo says revenue in the fiscal year that starts in July will fall 4% from the state’s earlier forecast. Staff members link the slide to a stock sell‑off that hit Wall Street after Trump set out a wide tariff push on April 2.

The officials broke down the projected loss this way: about $10 billion less from capital‑gains taxes, $2.5 billion less from corporate taxes, and roughly $3.5 billion less from personal‑income taxes tied to wages and business profits.