NEW MEXICO (KRQE) – New Mexico's leaders are sounding the alarm about President Donald Trump's sweeping tariffs, saying it will impact businesses across the state. "New Mexico is and depends on international trade, particularly with Mexico," said New Mexico State Treasurer Laura Montoya. S tory continues below Weather: Heavy snow moves into parts of New Mexico this weekend Sports: Jake Hall commits to New Mexico men’s basketball Crime: APD investigating Walmart shooting as potential justifiable homicide They are speaking out, concerned about the state's future after President Donald Trump imposed tariffs on imports coming into the United States. Trump said the sweeping move is to bolster the United States' economic position internationally and to protect American workers. But Montoya disagreed, arguing it will affect major industries like agriculture, housing, construction, and more. "We get a lot of our equipment from Mexico, so this could impact our oil and gas industry, which makes up approximately 35 percent of the state budget," said Montoya. She also said President Trump's imposed 25% tariffs on imported vehicles and automotive parts will result in skyrocketing car prices. "Cars are going to be a little more expensive now, they're estimating approximately $10,000 more per car," said Montoya. The state mainly trades agricultural goods with Mexico and Canada. New Mexico's Department of Agriculture said it hasn't been affected because of the current USMCA, a trade agreement protecting those goods from tariffs. But there are other countries the state trades with. "We export our agricultural products to over 50 countries around the world, and so we're going to be watching that quite closely as well," said Jeff Witte, Secretary for New Mexico's Agriculture Department. With that, Secretary Jeff Witte said the main concern is retaliatory tariffs. "Now that we've got the tariffs in place, we need to analyze where were at and then look for the administration to really move forward in creating some trade agreements with a lot of the countries across the globe," said Witte. The New Mexico Automotive Dealers' Association declined to comment at this time, saying they're awaiting decisions from manufacturers before making any public statements. ...read more read less