Anyone paying attention knows that President Trump is trying to remake the global economy. As near as I can tell, the president seeks to accomplish three goals: for U.S. companies to make more at home, for U.S. companies to sell more abroad and for international companies to build more in the U.S. There is no question that accomplishing these goals would strengthen our country and our economy. There is a huge question of whether it can be done.
Whether you like Trump or not, whether you like tariffs or not, whether you like global trade or not, it doesn’t really matter. What matters is that the Trump trade and tariff turmoil creates an opportunity for Utah. But we need to act quickly and adjust some long-standing economic tactics to help protect Utah’s world-class economy.
First, we must align state trade missions to current realities. For years, Utah has taken trade missions all over the world, something I’m a big believer in. These trips open opportunities to help companies explore possibilities for international business. However, given what’s happening in trade these days, it would be smart for Utah to pivot our trade mission approach. Instead of the state taking Utah businesses abroad to find international suppliers, we need to help those businesses find more international customers.
Second, in addition to foreign trade missions, we need to begin domestic trade missions that help Utah businesses create new supply chains and find domestic suppliers, including manufacturers right here in Utah. We can’t ignore the fact that for decades, Utah businesses have successfully established global supply chains, and now tariffs threaten to disrupt those supply chains while driving up costs. The sooner we begin domestic trade missions, the more Utah companies we will save and the more we will protect Utah consumers from inflation.
Third, we need a robust effort to recruit international businesses within targeted industries. Each of these businesses is now realizing that the best way to avoid tariffs is by making more products in the U.S. We must show them that Utah is the right place. This will take hard work, but it is not impossible, as we learned recently when a group of Utah business and community leaders visited South Carolina and discovered how they landed BMW, Volvo, Michelin and many other international manufacturing companies. South Carolina has a significant competitive advantage in its seaport, and while there is nothing Utah can do about that, we are developing a statewide inland port logistics network, with strategically located industrial parks in areas like Cedar City, Box Elder and Tooele.
So, regardless of what anyone thinks about what President Trump is doing — whether it’s right or wrong or good or bad — that’s not the point. The point is that Utah has an opportunity and a responsibility in the current environment to help Utah companies and consumers. Let’s take advantage of it.