Zions Bank economist warns tariffs and fiscal shifts raise uncertainty; Utah fundamentals remain strong

Robert Spendlove, senior economist at Zions Bank and a former state representative, told the Sandy City Council on April 1 that proposed federal tariffs and big changes to fiscal policy are creating “heightened uncertainty” for the national economy while Utah’s economy remains comparatively strong. “It feels like we’re back in the spring of 2020,” Spendlove said, adding that the elevated uncertainty is the reason the Federal Reserve has kept its policy rate steady.

Spendlove said the administration’s announced tariff plans — including sizable levies on several trading partners and additional duties on some Chinese imports — could raise the U.S. average tariff rate to levels not seen since the mid-20th century. “A lot of this is gonna change tomorrow,” he told the council, referring to near-term policy rollouts. He described three possible…