Brice Wallace
Business Journal
The shifting sands of the Trump administration’s trade wars continue to swirl, with Utah’s imports and exports potentially at risk.
World Trade Center Utah is trying to assess that risk. The organization has sought feedback via an online survey of Utah businesses and “gathering insights to better understand how current and potential tariffs are impacting businesses across the state.” The survey results, it said, would “help shape our efforts to provide relevant resources, guide strategies, and inform federal elected officials on the priorities of Utah businesses.”
Meanwhile, Silicon Slopes will host an event this week, focused on strategies for consumer brands in the current trade environment.
“Utah businesses are navigating a shifting trade landscape, and we recognize that some are concerned about how tariff changes could affect supply chains, costs, and long-term growth,” WTC Utah said in prefacing the survey. “In collaboration with business leaders across the state, World Trade Center Utah is gathering insights to better understand how current and potential tariffs are impacting businesses like yours.”
The survey remained open through Feb. 13, after Business Journal press deadlines.
“Your input is invaluable as we work to support Utah companies in navigating global economic headwinds,” said WTC Utah, a private, nonprofit organization that accelerates growth for Utah companies through global networks, programs and services.
In an emailed statement Feb. 3, Jonathan Freedman, the organization’s president and CEO, said “turbulence” was taking place in the form of ongoing negotiations and changes between the U.S. federal government and trade partners like Canada, Mexico and China.
“As businesses face global economic headwinds, we have the resources and network to help them adapt,” Freedman said. “Our team is closely monitoring affected industries and regions, working with companies to develop contingency plans, optimize supply chains, explore new markets, and access funding. We’re committed to helping Utah businesses stay resilient and competitive in a rapidly changing global landscape.”
Freedman described Utah as “globally minded, with an entrepreneurial spirit that drives our strong economy.”
President Trump has threatened 25 percent tariffs on all Mexican and Canadian imports, but implementation was delayed until March 1 after the two nations agreed to some border security concessions. Last week, the president signed an order that would impose 25 percent tariffs on steel and aluminum imports into the U.S. and said pending reciprocal tariffs would apply to all countries and match the tariff rates levied by each country.
Some experts believe many of the tariffs will not be implemented because Trump is using tariff threats merely as a negotiating tool.
The tariff uncertainty threatens Utah trade with various nations. Canada is Utah’s No. 2 trade partner, in 2023 accounting for $3.1 billion in imports to the state and $1.7 billion in goods from Utah, according to a 2024 study by the Kem C. Gardner Policy Institute at the University of Utah. Mexico was next, exporting $4.9 billion worth of goods — with nearly $1.7 billion being unwrought gold — to Utah and receiving $1.3 billion in exports from the state. China came in third at $2.7 billion to Utah and $1.2 billion from Utah.
The United Kingdom is the top trade country, with $7.2 billion in products from Utah in 2023, with about $6.8 billion being unwrought gold.
Utah totaled $17.4 billion in exports in 2023, which generated over $4 billion in earnings and 71,891 jobs, and contributed over $8 billion to the state’s gross domestic product and $16.7 billion to the state’s gross output, according to the Gardner study. The state exported goods to 200 countries that year. Meanwhile, Utah imported $18.6 billion from 151 countries.
International trade in 2023 represented 2.6 percent of Utah’s total earnings, 3 percent of total employment, 2.9 percent of total GDP, and 3.6 percent of gross output.
WTC Utah might have to address tariff questions during a pair of upcoming trips. One takes place March 17-21 to Jalisco, Mexico, and will focus on manufacturing, particularly in the life science, medical devices, critical minerals, and advanced manufacturing industries. It said trade with Mexico supports approximately 51,000 Utah jobs. The other is an April 5-11 trade mission to Montreal and Toronto, Canada, to be led by Gov. Spencer Cox. It will focus on critical minerals and also explore partnership opportunities with Canada’s artificial intelligence ecosystem, especially as it relates to key sectors such as life science and fintech.
The Silicon Slopes event about the shifting trade landscape takes place Feb. 21 at noon at its headquarters at 2600 W. Executive Parkway, Lehi. Silicon Slopes says the event “brings together industry experts and business leaders to explore the latest developments in global trade, analyze potential tariff impacts, and discuss strategies for cost management, supply chain optimization, and market adaptation.” Details are at https://app.siliconslopes.com/events.