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,

The curtain came down on the first phase of President Trump’s tariff and trade war earlier this week, when the U.S. announced a huge reduction in levies with China. Washington and Beijing agreed