Elena Patel, professor at the University of Utah’s David Eccles School of Business, unpacked the implications of new U.S. tariffs. In her interview, Patel explained how the 10–25% tariffs on imports from Mexico, Canada, and China could ripple through the economy, hitting consumers and businesses alike.
“These tariffs act like a regressive tax,” Patel noted, highlighting that lower-income households, who spend a larger share of their income on goods, will feel the sharpest sting. For Utah, where trade with these nations is deeply interwoven into the economy, the stakes are even higher. Retaliatory tariffs could reduce demand for Utah exports, straining local businesses.
While there’s no clear timeline for these effects to hit, Patel warns the challenges are inevitable. Curious how this policy might change your spending habits and reshape local businesses?