Marketplace How many trade wars are we in right now?
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Jun 2, 2025 Nela Richardson, the chief economist at ADP, dives into the current complexities of trade policies and the ongoing tariffs that differ from those introduced during Trump's first term. She highlights the labor dynamics in Utah County, known for its youthful workforce, contrasting it with older regions like Cumberland County. The discussion also navigates the vibrant entrepreneurial spirit in Utah County, revealing how evolving demographics shape local economic opportunities, all while encouraging innovative strategies for resilience amid economic uncertainty.
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Modern Tariffs Are Chaotic
- Current U.S. tariffs are broader and less predictable than those in 2018, causing planning difficulties for trading partners.
- The lack of clear objectives and process undermines trading partners' trust in U.S. trade policy.
Tariffs as Geopolitical Tools
- Tariffs have become a common geopolitical tool and are likely to persist for years.
- Only market crashes, corporate pressure, or recessions might halt or reverse tariff policies.
Utah County’s Young Workforce
- Utah County has a median age of 25.5 years, significantly younger than the national average of 39.
- This youthful demographic drives unique economic and cultural dynamics distinct from many U.S. regions.