As economic headwinds shift with evolving tariffs and the global trade dynamics, businesses must adapt to stay competitive. Fortunately, World Trade Center Utah (WTC Utah) and the Salt Lake Chamber are ready to help Utah businesses navigate this complex landscape. Intertwined in our state’s economic fabric, we actively seek solutions to bolster its economy and support the businesses that drive its growth. Our teams are engaged with leaders statewide to better understand how tariffs will impact specific industries and businesses.
Tariffs, a tax imposed by governments on imported goods, are complicated tools in global trade policy. Their effects can vary significantly; in the U.S., it depends on a state’s economic structure and industries. Utah’s economy is strong and diverse — ranked the No. 1 state in the nation two years in a row with the best economic outlook for the last 17 years. With our strong economy comes equally strong global ties. There are over 130 languages spoken in Utah. That, combined with our entrepreneurial spirit, naturally leads Utah’s businesses to pursue growth opportunities abroad. From tech and agriculture to energy and consumer goods, the interconnectedness of the global market can be seen throughout the Beehive State.
In 2023, Utah’s merchandise imports totaled $18.6 billion, shipped from 151 countries, and merchandise exports totaled $17.4 billion, shipped to 200 countries. This contributed over $8 billion to the state’s GDP and about 433,000 jobs — 25% of our job market — are associated with trade. Utah’s top trade partners include the United Kingdom, Canada, Mexico, China and Japan. More than 3,700 Utah companies export to other countries and 85% of those companies are small- to medium-sized enterprises. The effect of tariffs can ripple across our economy and be felt across industries, with 75% of the world’s purchasing power outside the United States; suffice it to say, the impact of global trade in Utah is significant. Now, the question becomes, “What can be done to help businesses navigate tariffs effectively?” Good news. We’re here to help.
The Salt Lake Chamber is committed to making Utah the best state in the nation by advocating for pro-business policies, building business and strengthening community connections. Our advocacy ensures that businesses of all sizes can thrive, driving innovation and prosperity across the state. Through our events, we bring business and community leaders together, forging relationships that spark new opportunities and provide catalysts for growth. We also provide professional training and resources, including the Roadmap to Prosperity Economic Dashboard, which equips Utah’s business community with insights on emerging trends, challenges and opportunities. As Utah continues to grow, the Salt Lake Chamber remains dedicated to shaping a business climate that supports both economic success and an exceptional quality of life.
World Trade Center Utah exists to help Utah businesses succeed in the global marketplace. We have a robust toolbelt of resources to help businesses plan, mitigate risk and stay competitive through our global networks, targeted programs and business services.. There are strategies to manage the effects of tariffs, such as identifying new markets for expansion, optimizing supply chain to build and improve global management, fueling growth through grant funding or investment matchmaking, and utilizing trade tools that can help companies reduce, defer, or eliminate duties. Our team and partners are monitoring industries and regions of impact and actively engaged with companies across Utah’s diverse industries to understand how tariffs will affect their operations.
Together, we’re helping Utah companies navigate the complexities of tariffs, combining our expertise to provide businesses with the knowledge and resources they need to grow, compete and create a lasting impact in our communities.