Oregon State Treasurer Elizabeth Steiner, MD, asked beneficiaries of state managed retirement funds to remain calm and patient as markets gyrate following the Trump administration’s recent tariff announcements. Treasurer Steiner urged the President to rescind the tariffs that have destabilized the finances of Oregonians and Americans.

The Oregon State Treasury (OST) manages investments for more than 400,000 beneficiaries of the Oregon Public Employee Retirement Fund (OPERF), 132,000 beneficiaries of OregonSaves (which provides automatic savings for employees of businesses who do not offer a retirement plan) and other savings accounts. In addition, OST manages investments for the Common School Fund and the Short Term Fund, on behalf of schools and state and local agencies. OST has approximately $140 billion in assets under management.

Treasurer Steiner said:

" know that concerns about the unfolding economic situation are weighing on the minds of many Oregonians. I want beneficiaries to know that Treasury stands with you during these difficult times. We know what’s at stake in your savings and we are managing the funds entrusted to us with your long-term well-being foremost in our minds. I ask for your patience as we navigate these rough waters together.

Treasury’s investment strategies are designed to buffer the impact of market turmoil on the state’s retirement, savings and public agency portfolios. The turmoil of the past week has not spared our funds. Yet, we know that our portfolio is well diversified to withstand these types of market shocks better than less diversified portfolios. We will continue to uphold our fiduciary responsibility to you and put the needs of the people and communities we serve first.

I once again call on President Trump to change course and revoke these reckless tariffs. The trillions in savings that have evaporated from United States markets in recent days represents the hopes of millions of people saving for retirement, college, the down payment on a house, launching a business or other aspirations.

I urge the administration to read the room: Markets are tumbling, and consumers are bracing for the fallout by cutting spending. People in our state cannot afford this unwanted and unnecessary $3,800 per household tax hike, especially at a time when half of Oregonians do not have $500 available to handle an emergency. Rescind these tariffs, so Oregonians and Americans can continue to confidently create opportunity and pursue their dreams through hard work and innovation, without the economic pain and uncertainty the administration’s arbitrary and chaotic trade policies have caused."