Utah Exports Exceed $18 Billion Amid Tariff Concerns
Salt Lake City, UT — A new report from the Kem C. Gardner Policy Institute reveals that Utah exported over $18 billion in goods in 2024, supporting more than 70,000 jobs. Natalie Gochnour, director of the institute, presented the findings at the Crossroads of the World International Trade Summit, highlighting the impact of President Trump’s tariffs on the state’s economic outlook.
Despite concerns regarding global trade uncertainties, Gochnour acknowledged that tariffs are central to Trump’s policy agenda, which aims to strengthen American manufacturing and rebalance international trade. She referenced Treasury Secretary Scott Bessent’s op-ed emphasizing potential mid- and long-term benefits of this approach, though she expressed worries about its negative effects on Utah’s housing market.
Former officials, including Mike Pompeo, reiterated Trump’s steadfast belief in tariff policies, while Condoleezza Rice noted a recent pause on reciprocal tariffs, suggesting potential responsiveness to economic concerns. The report cautioned that ongoing tariffs could risk a recession in Utah, with 71% of surveyed businesses indicating plans to raise prices in response to tariffs, and a notable portion reporting intentions to cut jobs or freeze investments.
As Utah navigates this complex economic landscape, leaders urge cautious adaptation amidst rapid changes.
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