- Gov. Spencer Cox says people want a return to normal amid "uncertain times."
- He said economic prosperity should be a means, not an end.
- Top economist expects tariff volatility to continue.
SALT LAKE CITY — Global instability, rapid technological and economic change have made for "uncertain times," according to Utah Gov. Spencer Cox, leaving many Utahns "desperate" for a return to normal.
The Republican governor spoke to a crowd of Utah business and political leaders Thursday at the annual Crossroads of the World International Trade Summit about the sense of turmoil he said hasn't been seen for "generations."
"People are feeling unmoored. They're unsettled. They're angry. They're scared," Cox said. "I think it's fair to say that our citizens are desperate for normal."
He said the "unalienable rights" of "life, liberty and the pursuit of happiness" written in the Declaration of Independence have led to prosperity in the United States, but urged the leaders gathered in the room to view prosperity as a means to bettering humanity.
"Prosperity cannot be the end goal," Cox said. "The world is desperate for people who understand that prosperity is a means to an end, not the end in and of itself. That prosperity is about lifting the human condition, not just the CEO or a few people in a boardroom or some shareholders, but lifting their employees. And then giving back with generosity the spoils of their labors to help those communities and those who are struggling and the next generation. That's what this is all about."
Cox has been supportive of a proposed data center in Box Elder County in part to help the U.S. win the global race to develop better artificial technology, but said Thursday that new technologies like AI should be developed to "work for us," rather than displace human workers.
But despite all the economic and political angst, Cox said he feels "like the luckiest person on Earth to live here in this place at this time."
"Whenever there is disruption and uncertainty, there lies opportunity," he said. "And those seeking opportunity will find us. It's already happening because of who you are, who you represent and what we are as a people."
Tariff uncertainty
Cox was preceded by Robert Spendlove, a former state lawmaker and chief economist at Zions Bank, who presented a report on the state of Utah's trading economy. He said Utah's exports to the world increased by about 1.4% in total last year.
The report, authored by Zions Bank and the Kem C. Gardner Policy Institute, found that the state exported $22.4 billion internationally in 2025, supporting more than 73,000 jobs and contributing more than $9 billion to the state's gross domestic product.
One factor causing uncertainty in the global trading market last year was the impact of the tariffs imposed and adjusted by President Donald Trump last year. Spendlove noted that the effective tariff rate was about 3% at the beginning of last year, before rising to about 14% at the end of the year and about 12% this month.
"You see that volatility in that tariff rate just over the last year. That is going to continue," he said.
The report referenced a survey of businesses conducted in late May and early June last year by the Salt Lake Chamber, EDCUtah, World Trade Center Utah and the Governor's Office of Economic Opportunity. That survey found that 65% of businesses reported that the tariffs negatively impacted their revenues. Of those, about one-fifth planned to pause hiring, 15% said they planned to reduce their workforce and 19% said they planned to pause investments.
"With the subsequent increase in tariffs through the remainder of 2025, the number of Utah businesses experiencing negative impacts and adopting adaptive measures likely increased," the report stated.
