Tariffs can be a divisive issue, shaped by politics, policy and global economics. But for many businesses of all sizes — regardless of where they stand on the debate — tariffs have become a day‑to‑day reality. For Utah companies like SymbolArts and Minky Couture, navigating this additional uncertainty has meant rethinking supply chains, weighing trade‑offs and finding new ways to protect product quality and customer loyalty.
SymbolArts: When Tariffs Complicate the Craft
At SymbolArts, precision and perfect timing are non‑negotiable. The Ogden‑based company designs and produces custom badges, medals, patches, coins and more for law enforcement, public safety departments, events, corporations (including Bank of Utah) and collectors worldwide. With around 2,200 custom projects a month, SymbolArts must ensure every order is both perfect and on time.
“When people ask what we do, I like to say, ‘We sell something that doesn’t exist,’” CEO Greg Sanders said. “We start with just an idea from a client, then we begin the meticulous process of shaping it into a finished product."
Because many SymbolArts products feature intricate hand‑cut or hand‑painted details, the company partners with international manufacturers who specialize in these techniques — skills that aren’t widely available at scale in the U.S., Sanders explained. In recent years, tariffs — government‑imposed taxes on imported goods — have added new layers of complexity to SymbolArts' already finely tuned process.
Even so, Sanders said it’s still the only way to deliver the kind of quality clients expect. "We always aim for our core value of ‘Diamond Quality’," he said. “It’s one of our core values. If it’s off even a little, it doesn’t meet our expectations.”
To maintain that quality and remain competitive, SymbolArts has had to make tough decisions, including passing on a portion of those added costs to clients. “We simply can’t absorb it all and remain relevant,” Sanders said. “That’s been a difficult but necessary shift. We’re open with our clients about why these changes are happening, and we work hard to find solutions that make sense for everyone.”
It’s a balancing act that many Utah businesses understand all too well.
Minky Couture: Quality That Doesn’t Compromise
Also in Ogden, Sandi Hendry of Minky Couture faced a challenge familiar to many Utah manufacturers: how to stay true to her product’s identity while navigating a shifting global economy.
Known for producing high‑end, ultra‑soft blankets that quickly become family heirlooms, Minky Couture has always prioritized quality and consistency. But in recent years, rising tariffs and disrupted supply chains threatened that consistency — and Hendry knew her next move would have to be both strategic and deeply personal.
“The softness is the heart of Minky,” she said. “It has to stay the same.”
Rather than compromising on fabric, feel or craftsmanship, she broadened the company’s sourcing strategy, working with partners in four different countries to help offset the impact of tariffs. The increased costs are currently being shared among the factory, vendors and Minky Couture itself — a decision that allows the company to maintain its standards while minimizing disruption for customers.
For Hendry, it’s not just about protecting a product. It’s about preserving a brand promise — one that puts comfort first, even in the face of rising global pressures.
The Broad Impact on Utah's Economy
The challenges faced by companies like SymbolArts and Minky Couture are not unique. They’re part of a broader story playing out across the Beehive State. With more than 70,000 Utah jobs tied to international trade and $18.2 billion in goods exported annually, the effects of shifting tariffs are being felt statewide.
According to a May 2025 report by the University of Utah's Kem C. Gardner Policy Institute, tariff shifts significantly influence Utah's economy, with ripple effects extending well beyond retail and manufacturing.
Businesses surveyed by the World Trade Center Utah shared these realities:
- 71% expected to raise prices for buyers, directly impacting consumers
- 56% anticipated revenue declines, potentially affecting growth and hiring
- 29% considered freezing investments, which could slow innovation and expansion
These challenges also cascade into other sectors, such as the construction industry. Rising costs for steel, lumber and other materials have disrupted budgets and pushed project timelines out by weeks or even months, according to a number of Bank of Utah’s commercial construction clients. Developers are juggling unpredictable pricing, while suppliers are struggling to secure consistent inventory. This unpredictability in the construction sector then affects related industries, from transportation and logistics to real estate and housing, underscoring just how interconnected our local economy is.
Strategies Utah Businesses Are Using
Utah businesses are demonstrating remarkable adaptability and resilience. Here are some of the key strategies they're employing to navigate these tariffs.
| Strategy | Why It Helps | Example in Action |
|---|---|---|
| Diversify Suppliers & Pre‑Purchase Inventory | Locks in pricing and reduces reliance on one region or vendor | Minky Couture's move to source materials from four different countries and secure inventory earlier in their production cycle |
| Communicate with Vendors & Clients | Builds transparency and opens doors for cost‑sharing or phased adjustments | SymbolArts’ emphasis on open conversations with their suppliers and customers to understand cost fluctuations and explore potential solutions |
| Monitor Trade Developments | Allows businesses to plan ahead rather than react under pressure | Both SymbolArts and Minky Couture track policy changes and industry news to anticipate potential impacts |
| Leverage Banking Support | Access to credit or tailored financing options can smooth cash‑flow gaps | Businesses partner with Bank of Utah to secure lines of credit for bulk purchases or to manage unexpected cost increases |
How We Can Support Business Resilience
At Bank of Utah, we understand the challenges Utah businesses are facing. We work alongside you to provide more than just financing; we help you plan for what’s ahead. When tariff shifts or supply chain disruptions create uncertainty, having a strong financial partner makes a difference:
- Flexible Financing Options: Unexpected costs and tighter cash flows can strain even the healthiest balance sheet. We offer customized lending solutions, such as lines of credit and working capital loans, designed to give you breathing room when you need it most.
- Cash Flow Planning and Analysis: Our commercial lenders and commercial business officers can walk through your numbers with you to identify potential gaps and help you plan for both short‑term needs and long‑term goals. Having someone who understands your business can make budgeting during unpredictable times easier and less stressful.
- Pre‑Purchase Support: For businesses choosing to secure inventory ahead of cost increases, we can provide funding strategies to help lock in pricing without overextending your cash reserves.
- Advisory and Insights: Because we work closely with businesses across many industries, we see a broad range of strategies at work. Our teams can share insights and connect you with resources that may help you adapt more quickly when market conditions change.
Staying Steady Through Shifting Conditions
Tariffs are an unavoidable part of today’s business environment, but they don’t have to define a company’s success. As businesses like SymbolArts and Minky Couture demonstrate, resilience comes from preparation, adaptability and support from a strong financial team — including internal leadership and external partners like commercial bankers.
Ready to explore strategies to keep your business flexible during changing times? Connect with us. We’re here to listen, advise and help you plan for what’s ahead.
Cari Fullerton is Executive Vice President, Chief Credit Officer, for Bank of Utah. She is an alumna of Montana State University–Bozeman, where she earned a degree in finance and a minor in economics, and is also a graduate of Pacific Coast Banking School.
