On the eve of his budget presentation, Gov. Gavin Newsom sought to blame President Trump's tariff policy for reducing California state revenues.

President Donald Trump’s tariff policies are projected to cut California’s tax revenue by $16 billion in the next fiscal year, Governor Gavin Newsom’s finance department said in a memo. The 4% drop in revenue from a previous estimate is largely due to a stock market downturn last month after the president announced his sweeping tariff campaign on April 2,

California is projecting a $16 billion loss in state revenue tied to President Donald Trump’s tariffs, according to a memo from Gov. Gavin Newsom’s office obtained ahead of his revised budget release Wednesday.