SALT LAKE CITY – Utah businesses are already feeling some of the effects of the back-and-forth tariffs that constitute the escalating trade war between the U.S. and China.
Miles Hansen tracks Utah’s international business trends as President and CEO of World Trade Center Utah.
“We see several Utah companies have seen their stocks decrease significantly just in the past few days,” Hansen said.
Hansen says about 6,000 Utahns have jobs depending on exports to China, most notably in agriculture, where farmers had increased exports to China prior to the tariff.
“I know a lot of Utah farmers have had a rough couple of years. Utah agricultural exports to China have been a rare bright spot for the industry in Utah,” said Hansen.
Retailers and consumers will also see higher prices on a range of items imported from China if tariffs continue.
“Computers, tablets, cell phones, sneakers, clothes, other shoes, toiletries, textiles, home appliances, bicycles - these are all products that Utahns consume every day and they are made primarily in China,” Hansen said.