When tariff policies change: How Utah businesses are navigating the shifting tides

Cari Fullerton 
Bank of Utah 

Tariffs can be a divisive issue, shaped by politics, policy and global economics. But for many businesses of all sizes — regardless of where they stand on the debate — tariffs have become a day-to-day reality. For Utah companies like SymbolArts and Minky Couture, navigating this additional uncertainty has meant rethinking supply chains, weighing trade-offs and finding new ways to protect product quality and customer loyalty. 

SymbolArts: When Tariffs Complicate the Craft

At SymbolArts, precision and perfect timing are non-negotiable. The Ogden-based company designs and produces custom badges, medals, patches, coins and more for law enforcement, public safety departments, events, corporations (including Bank of Utah) and collectors worldwide. With around 2,200 custom projects a month, SymbolArts must ensure every order is both perfect and on time.

“When people ask what we do, I like to say, ‘We sell something that doesn’t exist,’” CEO Greg Sanders said. “We start with just an idea from a client, then we begin the meticulous process of shaping it into a finished product.”

Because many SymbolArts products feature intricate hand-cut or hand-painted details, the company partners with international manufacturers who specialize in these techniques — skills that aren’t widely available at scale in the U.S., Sanders explained. In recent years, tariffs — government-imposed taxes on imported goods — have added new layers of complexity to SymbolArts’ already finely tuned process.

Even so, Sanders said it’s still the only way to deliver the kind of quality clients expect. “We always aim for our core value of ‘Diamond Quality,’” he said. “It’s one of our core values. If it’s off even a little, it doesn’t meet our expectations.”

To maintain that quality and remain competitive, SymbolArts has had to make tough decisions, including passing on a portion of those added costs to clients. “We simply can’t absorb it all and remain relevant,” Sanders said. “That’s been a difficult but necessary shift. We’re open with our clients about why these changes are happening, and we work hard to find solutions that make sense for everyone.”

It’s a balancing act that many Utah businesses understand all too well.

Minky Couture: Quality That Doesn’t Compromise

Also in Ogden, Sandi Hendry of Minky Couture faced a challenge familiar to many Utah manufacturers: how to stay true to her product’s identity while navigating a shifting global economy.

Known for producing high-end, ultra-soft blankets that quickly become family heirlooms, Minky Couture has always prioritized quality and consistency. But in recent years, rising tariffs and disrupted supply chains threatened that consistency — and Hendry knew her next move would have to be both strategic and deeply personal.

“The softness is the heart of Minky,” she said. “It has to stay the same.”

Rather than compromising on fabric, feel or craftsmanship, she broadened the company’s sourcing strategy, working with partners in four different countries to help offset the impact of tariffs. The increased costs are currently being shared among the factory, vendors and Minky Couture itself — a decision that allows the company to maintain its standards while minimizing disruption for customers.

For Hendry, it’s not just about protecting a product. It’s about preserving a brand promise — one that puts comfort first, even in the face of rising global pressures.

The Broad Impact on Utah’s Economy

The challenges faced by companies like SymbolArts and Minky Couture are not unique. They’re part of a broader story playing out across the Beehive State. With more than 70,000 Utah jobs tied to international trade and $18.2 billion in goods exported annually, the effects of shifting tariffs are being felt statewide.

According to a May 2025 report by the University of Utah's Kem C. Gardner Policy Institute, tariff shifts significantly influence Utah’s economy, with ripple effects extending well beyond retail and manufacturing.

Businesses surveyed by World Trade Center Utah shared these realities:

• 71 percent expected to raise prices for buyers, directly impacting consumers.

• 56 percent anticipated revenue declines, potentially affecting growth and hiring.

• 29 percent considered freezing investments, which could slow innovation and expansion.

These challenges ripple through industries across Utah — but local businesses continue to adapt and find creative ways forward.

Building Financial Resilience During Uncertain Times

When tariff shifts or supply-chain disruptions create uncertainty, businesses can take several steps to stay financially steady:

• Plan Ahead for Cash Flow: Unexpected costs and tighter margins can strain even the healthiest balance sheet. Regularly reviewing cash flow projections helps businesses prepare for potential shortfalls and identify opportunities to build reserves.

• Secure Flexible Financing: Having access to tools such as lines of credit or working-capital loans can help companies manage temporary gaps without interrupting day-to-day operations.

• Pre-Purchase Strategically: Businesses that can afford to pre-buy inventory or materials ahead of cost increases may save money over time, as long as those purchases align with demand and storage capacity.

• Seek Outside Perspectives: Accountants, lenders and business advisors can offer valuable insights, from spotting hidden costs to identifying tax efficiencies or alternative funding sources. Drawing on external expertise helps leaders make confident decisions when market conditions shift.

Staying Steady Through Shifting Conditions

Tariffs are an unavoidable part of today’s business environment, but they don’t have to define a company’s success. As businesses like SymbolArts and Minky Couture demonstrate, resilience comes from preparation, adaptability and the right partnerships — both within their organizations and across their professional networks.

Cari Fullerton is executive vice president, chief credit officer for Bank of Utah.