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Legislative staff explain tariffs 101 and potential short- and long-term effects on Utah revenues
Summary
Legislative economists presented a primer on tariffs, outlining how tariffs shift prices and surplus, potential deadweight loss, and how tariffs could affect Utah’s consumption-based tax collections in the short term and income in the longer term if jobs return to the state.
Noah Hanson, staff economist with the Legislative Fiscal Analyst’s Office, gave an extended briefing May 20 on tariffs and trade, explaining the economic theory, historical context and possible implications for Utah tax collections.
Hanson used supply-and-demand diagrams to show how tariffs raise domestic prices relative to the world price and can reallocate a portion of consumer surplus to producer surplus and government revenue, while also creating deadweight loss. He…
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