Latest news with #CrossroadsoftheWorldInternationalTradeSummit
Yahoo
09-05-2025
- Business
- Yahoo
Gov. Cox: Utah is no longer a ‘spunky upstart'
Utah has arrived. It's no longer the 'spunky upstart' trying to make its way onto the stage, Gov. Spencer Cox said in remarks to a room full of the state's political and business leaders. After Utah was named the best state in the nation for the third year in a row by U.S. News and World Report, Cox is taking a victory lap of sorts, celebrating the strong human capital he sees as the basis for the state's success. Cox spoke about Utah's success on Thursday at the Crossroads of the World International Trade Summit, a two-day, invitation-only event sponsored by Zions Bank and World Trade Center Utah that invited 'world leaders and top business minds to discuss the uncertainties, trends, and opportunities surrounding international business.' Utah does well in rankings, Cox said, because the state's residents don't engage in zero-sum thinking. Instead, the state's residents embrace an abundance mentality, he said. Cox started his remarks by praising the book 'Superabundance,' written by Utah Tech University professor Gale Pooley. The book counters the idea popularized by Paul Ehrlich in the 1960s that the world's growing population would be a strain on resources, leading to widespread famine and human suffering. 'The thing is that the greatest resource we have are our people, human beings,' Cox said. 'You see all of those minerals, all of those commodities, all of those important things are just atoms. They're basically worthless. They don't mean anything until you put human knowledge and ingenuity behind them.' Natalie Gochnour, director of the Kem C. Gardner Policy Institute at the University of Utah, who spoke at the summit earlier on Thursday, shared some of the numbers behind the state's numerous awards. Utah's workforce is the third most 'well-trained, well-educated' in the country,' Gochnour said. The state also has the lowest poverty rate in the country, and, when adjusted for cost of living, Utah also has the highest median household income in the country. A study released by the institute Thursday also showed Utah is punching above its weight in international trade. The state had $18.2 billion in merchandise exports and $21.9 billion in imports in 2024. The study said international trade supports over 70,000 jobs in the state. Utah's largest trading partners are the United Kingdom, Canada, China and Mexico. Amid her discussion of the state's international exports, Gochnour brought up the tariffs recently levied by the Trump administration on most of the country's trading partners. She said she wasn't going to 'make a judgement' about the policy decision, and said there could be some mid- or long-term benefits to the administration's economic policies, but said economists are mostly united in their belief that tariffs will hurt trade and the economy. Tariffs could make housing more expensive at a time when the state is already struggling, she said, and a recent drop in consumer confidence is also worrying.
Yahoo
09-05-2025
- Politics
- Yahoo
Tensions are high between India and Pakistan, two nuclear powers
India and Pakistan both say their military sites were targeted with attacks, leading to an escalation between the two countries late Thursday. Both of the nuclear powers deployed drones, missiles, air defense systems and fighter jets against each other in what is a rare aerial clash. Tanks haven't moved yet in this war-like conflict, expected to continue for at least the next few days. India hasn't faced such airborne attacks since the 1971 Indo-Pakistan war. Border villages and towns in both countries were evacuated ahead of the exchange of gunfire, according to reports. The India-Pakistan border ranked as one of the most dangerous international boundaries in the world, according to a Foreign Policy article in 2011. But tensions are especially high right now, following the deadly militia attack on tourists in Kashmir, India, in late April. New Delhi held Islamabad accountable for the act of terrorism in Pahalgam, a popular tourist destination in the Indian-administered part of Kashmir, as the Deseret News reported. At least two dozen people were killed by terrorists in Kashmir, India. Pakistan authorities denied the country's involvement. Kashmir has long been the scene of frequent unrest between India and Pakistan, which both control portions of the land there, as does China. India launched a retaliatory attack against Pakistan on May 7, killing more than 30 people. But New Delhi's 'measured' response led to a dangerous crossfire between the two countries Thursday night. At the second annual Crossroads of the World International Trade Summit Thursday in Salt Lake City, former United States Secretary of State Antony Blinken said he hopes the conflict won't continue to escalate. He acknowledged the horrific attack on India but added, 'It's not in Pakistan's interest to continue this.' Pakistan is making strides with their economy, under the International Monetary Fund's direction, he said. 'And fundamentally, I don't think India wants this,' Blinken added. Although verified information is sparse, many credible reports indicate continued shelling on the ground. Several videos online show India's Air Force Defense System deployed to the maximum effect for the second time in two days. Prime Minister Narendra Modi has not addressed the nation since the strikes. During a cabinet meeting, he called for 'continued alertness' and 'clear communication.' Pakistan closed airports for four hours and India suspended all its flights departing from near the 2,000-miles-long India-Pakistan border. X, formerly known as Twitter, received an order from the Indian government to suspend 'accounts belonging to international news organizations and prominent X users' amid the conflict, when misinformation is rampant on social media. In New Delhi, public spaces, like the areas near India Gate, were closed and evacuated while other parts of the country, especially Srinagar in Kashmir, experienced blackouts. Schools in Punjab, an Indian state that shares a border with Pakistan, will be closed for the rest of the week. U.S. Secretary of State Marco Rubio spoke to Indian External Affairs Minister Subrahmanyam Jaishankar and Pakistani Prime Minister Muhammad Shehbaz Sharif separately on Thursday but fell short of playing the mediator. He 'emphasized the need for immediate deescalation' and encouraged a direct dialogue between the two parties in both conversations. He also expressed his condolences for the losses on the Indian and Pakistani sides. The vice president called on 'Pakistan to take concrete steps to end any support for terrorist groups' and 'reaffirmed the United States' commitment to work with India in the fight against terrorism.' New Delhi's Wednesday strikes were intended as a response to the tourist massacre in Kashmir in April and they only targeted alleged terrorist infrastructure, Indian Ambassador to the US Vinay Kwatra told CNN. 'When we did this the day before yesterday, our assumption was that we have completed what we set out to do ourselves vis a vis the terrorists,' he said. 'We, from our perspective, had brought a certain finality to it.' 'Pakistan chose to escalate it further,' he added. Following the terrorist attack on India in April, U.S. Vice President J.D. Vance, who was visiting India that same week, told Fox News that he hoped New Delhi 'responds to this terrorist attack in a way that doesn't lead to a broader regional conflict.' 'And we hope, frankly, that Pakistan, to the extent that they're responsible, cooperates with India to make sure that the terrorists sometimes operating in their territory are hunted down and dealt with,' Vance added. President Donald Trump also condemned the 'terror' attack and expressed his support for India at the time. Former presidential candidate Nikki Haley, an Indian American, defended India's recent attacks in a post on X. 'Terrorists launched an attack that killed dozens of Indian citizens. India had every right to retaliate and defend itself,' she wrote. 'Pakistan does not get to play the victim. No country gets a pass for supporting terrorist activity.' Weeks after the Pahalgam terrorist attack, India responded through 'Operation Sindoor," a 'measured and non-escalatory' plan. New Delhi directed 24 missiles at nine alleged terrorist camps in Pakistan, killing 30 people over the course of half an hour on Wednesday night. Pakistani Foreign Minister Ishaq Dar said their Chinese-made aircraft shot down two Indian aircraft and 25 drones, according to CNN. The next morning, Pakistan shot down 25 Indian air defense system drones. According to the Indian defense minister, 16 people, including some children, died during this attack. This led to an ongoing flurry of drone attacks on Thursday night. Reports out of India also indicate the possibility of a naval operation underway against Pakistan.
Yahoo
08-05-2025
- Business
- Yahoo
What Trump's former secretary of state says about his tariff plans
Longtime public servant and former Congressman Mike Pompeo once warned voters in his home state of Kansas that electing Donald Trump president in 2016 would only serve to continue the 'authoritarian' rule of then-President Barack Obama. But Pompeo, who had endorsed then-Florida Sen. Marco Rubio early in that election cycle, later shifted his support to Trump and went on to become a trusted member of the 45th president's inner circle, serving first as CIA director and later as secretary of state during Trump's first term. On Wednesday, Pompeo was in Utah to speak at the Crossroads of the World International Trade Summit, a two-day, invitation-only event sponsored by Zions Bank and World Trade Center Utah that invited 'world leaders and top business minds to discuss the uncertainties, trends, and opportunities surrounding international business.' Former U.S. Secretary of State Mike Pompeo, right, answers a question posed by former Utah Gov. Gary Herbert, left, at Crossroads of the World International Trade Summit at Zions Bancorporation's Technology Center in Midvale on Wednesday, May 7, 2025. | Laura Seitz, Deseret News Issues surrounding Trump's chaotic international trade policy shifts figured largely in the discussions and Pompeo, who was interviewed on stage by former Utah Gov. Gary Herbert, underscored his feelings about the critical role of the U.S. in the global economy. What Pompeo said about Trump tariff policy 'We are truly exceptional,' Pompeo told the audience of about 500 gathered at the Zions Bancorporation Technology Center in Midvale. 'The whole world depends on the success of the United States of America. Without America, without us leading with a good economy, without the innovation of America, the world is lost.' Pompeo argued that no other country is positioned to step into the leadership role that America has occupied since World War II and noted the interdependency of the world's individual economies have been a boon for the U.S. business community and the country as a whole. People attend Crossroads of the World International Trade Summit at Zions Bancorporation's Technology Center in Midvale on Wednesday, May 7, 2025. | Laura Seitz, Deseret News 'The global economy is deeply interconnected,' Pompeo said. 'That's important and creates enormous value for the United States of America ... we're not going to make everything here.' Pompeo also offered some insight as a past member of the president's cabinet, noting he believes Trump will continue to wield tariff policy as a tool to address perceived issues with other countries. 'As for President Trump and his tariff policy … you should know he believes it with all his heart, rightly or wrongly," Pompeo said. 'He calls himself 'Tariff Man'. Does that leave any doubt in your mind? He believes that bilateral trade deficits in goods are bad and no one is going to convince him otherwise.' Will Trump tariff approach be successful? But while Pompeo said Trump may have overreached in his initial rounds of international trade decrees, he believes the president will eventually get to a more balanced policy position. '(President Trump) recognizes that it's absolutely imperative that when we rebalance this we don't crush things,' Pompeo said. 'He may have gotten it wrong in the front end or at least he was coming out of the gate with the most aggressive posture. I think you'll see the secretary of treasury begin to try to put these rules in place that really do deliver the right outcome.' Former U.S. Secretary of State Mike Pompeo, right, answers a question posed by former Utah Gov. Gary Herbert, left, at Crossroads of the World International Trade Summit at Zions Bancorporation's Technology Center in Midvale on Wednesday, May 7, 2025. | Laura Seitz, Deseret News In the meantime, Pompeo acknowledged that the current business environment has been roiled by Trump's on-again, off-again tariff declarations. 'President Trump hasn't been clear about his overall strategic objective here,' Pompeo said. 'He's talked about using tariffs for fentanyl, keeping it out of the country, he's talked about balancing trade, he's talked about bilateral trade deficits. And that is one of the things that is hurting the business community — uncertainty.' That uncertainty was underscored by a group of Utah business leaders who participated in a panel discussion following Pompeo's interview with Herbert. Here's what Utah businesses have to say Kimberley Honeysett, chief legal officer for Varex Imaging, an independent supplier of X-ray tubes and image processing solutions for medical and security applications, said her company's strategy of locating manufacturing facilities proximate to customers was being upended by the new tariff policies. 'One of the risks, certainly, for a lot of companies that have both import and export functions is the opposite of what they're trying to accomplish, pushing U.S. manufacturing outside the U.S.,' Honeysett said. 'The risk is it backfires.' Honeysett explained how trade levies, both those issued by the U.S. and reciprocal actions by other countries, were impacting Varex on both sides of the company's import/export equation. 'We import goods, we're the importer of record and we get the tariffs and our prices are increasing,' Honeysett said. 'We also export so, on the other side, we get the tariff. From our perspective (the U.S. trade policies) are more harmful than beneficial.' Former U.S. Secretary of State Mike Pompeo, right, answers a question posed by former Utah Gov. Gary Herbert, left, at Crossroads of the World International Trade Summit at Zions Bancorporation's Technology Center in Midvale on Wednesday, May 7, 2025. | Laura Seitz, Deseret News John Hortin, chief financial officer for Wavetronix, a Utah-based manufacturer of radar traffic detection devices, said the company's business with China has 'dried up' and he and the Wavetronix team are currently navigating trade tariff uncertainty by 'biding our time and waiting to see where it will land.' Hortin said he believes U.S. trade policy would lead to more effective outcomes if implementation was strategic and targeted, rather than broad-based. 'It's important to be specific rather than broad,' Hortin said. 'The rhetoric we're hearing now is we've been taken advantage of across the board. And I'm not sure that's true. Blanket tariffs, I really think, generate the trade war more than solve problems.' Trump announced a raft of country-specific reciprocal tariffs last month along with a blanket 10% levy on foreign imports. On April 9, the president declared a 90-day pause on the reciprocal trade fees but kept the 10% assessment in place. That same day, Trump also announced an increase on imports from China that raised the effective levy on most imports from the country to 145%. Here's where new U.S. tariffs stand for the moment: China tariffs are at 145%, following a series of increases. Tariffs of 25% are in place on steel and aluminum imports, imported automobiles and goods from Canada and Mexico not covered by the United States-Mexico-Canada Agreement. Imports from all other countries are subject to a 10% trade levy. The Crossroad of the World Summit continues on Thursday with scheduled speakers including Utah Gov. Spencer Cox, former secretaries of state Antony Blinken and Condoleezza Rice, former prime ministers Jacinda Ardern of New Zealand and Theresa May of the United Kingdom, and Australia Ambassador to the U.S. Kevin Rudd, who is the former prime minister of Australia.
Yahoo
08-05-2025
- Business
- Yahoo
The pioneer ethic that helps companies and communities thrive
The selfless example of Mormon pioneers was presented in Utah Wednesday as a beacon for global leaders during the second annual Crossroads of the World International Trade Summit. The pioneers divided into companies that selflessly planted crops and built cabins for those who traveled the plains of the American West after them, said Presiding Bishop Gérald Caussé of The Church of Jesus Christ of Latter-day Saints. 'Most would move on before enjoying the fruits of their own labors. Similarly, strong communities and lasting organizations are built by those who look beyond themselves — those willing to plant today so others can harvest tomorrow," said Bishop Caussé, who spoke during the first day of the two-day summit at the Zions Technology Center. The summit began with a discussion of global trade between former U.S. Secretary of State Mike Pompeo and former Utah Gov. Gary Herbert. Wednesday's speakers will include past prime ministers of the United Kingdom (Theresa May), New Zealand (Jacinda Ardern) and Australia (Kevin Rudd) and former U.S. Secretaries of State Condoleeza Rice and Antony J. Blinken. Bishop Caussé made a case that service is both an economic driver that benefits companies that promote it in both the short and long term as well as a Christian imperative for the Church of Jesus Christ. He outlined ways the church engages in local, national and global humanitarian work that included spending $1.45 billion to care for those in need in 2024. Bishop Caussé, who led a global food distribution company before joining full-time church service, said there is no coincidence between Utah's position as a leading state in economic growth and volunteer service. Bishop Gérald Caussé, presiding bishop of The Church of Jesus Christ of Latter-day Saints, speaks at Crossroads of the World: International Trade Summit at Zions Bancorporation's Technology Center in Midvale on Wednesday, May 7, 2025. | Laura Seitz, Deseret News 'These two are connected. The values people develop through service, often beginning at a young age, carry over into their professional lives, driving hard work, dedication and innovation,' he said. He encouraged business leaders to make service a core value of their organizations for that reason. 'Service doesn't just benefit the community — it also strengthens businesses and other organizations," he said, pointing to research by the ProBono Institute published as 'The Business Case for Volunteerism.' The article highlighted research showing that corporate volunteer programs boost employee engagement, help attract and retain talent and support leadership development, Bishop Caussé said. The Church of Jesus Christ of Latter-day Saints is intentional about providing people with service opportunities because service often blesses the giver as much as the receiver, he said. 'That's our goal — to uplift both, givers and receivers,' he said. Bishop Caussé said the church's JustServe app and online platform recently reached the milestone of connecting 1 million volunteers to service opportunities. More than 18,000 organizations in 18 countries have posted service opportunities, and there are now more than 300 JustServe clubs in high schools, he said. 'Service may be the most powerful force for good,' he said. 'As a church, we actively seek ways to bring people from all walks of life together to experience the joy of serving one another.' The church releases an annual report on its giving called 'Caring for Those in Need' for two reasons, Bishop Caussé said. 'We share these summaries each year to show those who donate their time or resources the collective good their contributions make possible,' he said. 'We also hope that others who see these efforts will feel inspired to join us in serving those in need.' Beyond reporting the church's financial support for those who need it, Bishop Caussé said one of his favorite data points is the documentation of 6.6 million hours of volunteer service donated by Latter-day Saints last year. 'That, for me, is the heart and soul of what we do,' he said. The report cannot capture all the service church members give in their communities or the true impact of service, he said. It also should motivate global and local leaders as well as parents. We must help the rising generation develop a love for service early in their lives, as early as possible in their lives," he said. The church's vast, global humanitarian efforts are rooted in the Great Depression, when church leaders paired unemployed church members with local farmers who couldn't afford to hire workers. The members worked in exchange for food. The system produced a surplus that the church began to distribute, Bishop Caussé said. Bishop Gérald Caussé, presiding bishop of The Church of Jesus Christ of Latter-day Saints, speaks at Crossroads of the World: International Trade Summit at Zions Bancorporation's Technology Center in Midvale on Wednesday, May 7, 2025. | Laura Seitz, Deseret News Today, our production exceeds the needs of our own church members, which allows us to donate and ship millions of pounds of food and other commodities to food banks across the country as part of our broader humanitarian efforts," he said. During the pandemic, most of the church's food donations went to people who are not members of the church, he said. He said the church's motivations are rooted in Christian fundamentals. 'While we are grateful to offer humanitarian aid, we want to be clear that we are not a humanitarian organization in the usual sense,' he said. 'We are a church, and we give and serve because ... we intend to live or strive to live the two great commandments as taught by Jesus Christ: loving God and loving our neighbor. Service lies at the heart of this commitment and is a core, unchanging principle of our faith.' The church has expanded its total humanitarian welfare expenditures every year from at least 2015 to the present, the Deseret News has reported. '... Each year we work to increase our contributions and service in ways that can create a lasting impact,' Bishop Caussé said Wednesday. While the church helps those in need and provides opportunities to serve, another goal is to foster self-reliance through educational and work opportunities, he said. For example, Bishop Caussé said that: BYU-Pathway Worldwide provided an affordable online program for online certificates and degrees to 75,000 students in over 180 countries in 2024. The Perpetual Education Fund supported about 7,000 students who pursued vocational training in their home countries last year. Deseret Industries thrift stores helped nearly 18,000 people find work last year. 'As much as I wish we could feed every hungry child, shelter every person in need and care for everyone who is sick, we know the church alone can only do so much,' he said. 'But when many organizations and individuals share that same commitment to serving others, our combined impact can reach far beyond what any one of us could do alone.'
Yahoo
07-05-2025
- Business
- Yahoo
Opinion: The ‘Utah way' rises again
It's hard to overstate the significance of Utah being chosen, for the third straight year, as the best state in the union according to U.S. News & World Report. This achievement is a testament to the state's leadership — including those in the political, business, academic and religious realms — and to its people. It is also a testament to the 'Utah way,' something cited by the publication's editors. That phrase connotes the state's unique culture of community, as well as its ability to tackle difficult issues with optimism, energy and the spirit of constructive compromise and relationship-building. It doesn't always manifest itself, but when it does, great things happen. One of this week's top news stories illustrates this trait well. Trade with Canada On Tuesday, President Trump met with Canada's new prime minister, Mark Carney, in the Oval Office. The meeting was cordial, but there was an underlying tension between the two leaders because of recently enacted tariffs and counter tariffs, and because Trump has spoken about making Canada the 51st state. Carney said his country was 'not for sale.' Trump responded, 'Time will tell.' While these tensions have simmered for months, Utah has been the only state to see opportunity amid uncertainty. In April, Gov. Spencer Cox led a delegation of business, government, academic and political leaders to Canada on a trade mission. At a time when trade is being disrupted, Utah's leaders saw a chance to pitch the state as the best place in the nation to do business. The trip forged new friendships, strengthened existing ones and built economic ties. Utahns involved in mineral extraction connected with Canadian companies, making supply chain agreements to process raw materials mined in Utah. Defense industry companies strengthened their supply chain ties with Canada, as well. The trip was an outward sign of something that ought to be obvious to all: current conditions are only temporary. That was also noted at the second annual Crossroads of the World International Trade Summit, hosted by World Trade Center Utah and Zions Bank this week. Utah is willing to travel to Canada, Mexico, Ukraine and many other places to bring mutual opportunities for those countries and for Utah. It then sets up opportunities to bring world leaders here in all aspects of government and business, a list this week that includes former prime ministers and secretaries of state. 'It just shows once again that Utah is not just the crossroads of the West, it's a crossroads of the world,' Jeff Flake, former U.S. ambassador to Turkey and current chairman of World Trade Center Utah's Board of Directors, told the Deseret News. Now, when tensions are at their highest, is the best time for a Western U.S. state to take advantage of the dearth of communication between allies and make impressions that will last. In other words, Utah is being acknowledged as the best place to live and a rich place to do business — on a global scale. 'This (current situation) will work itself out at some point, and when it does, I'm here to tell you that Utah and Ontario will have even stronger relationships because of it,' Cox said in a speech. This, too, is an example of the Utah way. Last year, Utah exported $1.5 billion worth of goods, minerals and technology to Canada, and it imported $4.7 billion. That is a relationship worth cultivating. Constructive compromises As for the Utah way, many people cite the state's unique solutions to problems. For example, something known as the 'Utah Compromise' was enacted in 2015 to protect the rights of LGTBQ+ people while also preserving religious liberty. This compromise has helped Utah avoid many of the contentious political confrontations that affect other states. Just as important is something known as the 'Utah Compact,' which established five principles upon which immigration laws should be based. Reaffirmed in 2019, it calls for preserving families and recognizing 'the economic role immigrants play as workers and taxpayers.' While endorsing the rule of law, it said, 'Local law enforcement resources should focus on criminal activities, not civil violations of federal code.' Both of these seem much more relevant today than they were when first drafted. Begins at home The U.S. News & World Report account mentioned something else: 'Those in the know also note the intangible aspects of community and respect — at the dinner table or elsewhere — that fuel a phenomenon termed the 'Utah way.' To sum it up: In a politically divisive era, people actually talk to each other and try to work through issues.' Faith is part of that component. Service plays a strong role. Care for others is part of that ethic. That is a unique source of strength in a world that grows increasingly more isolated and self-absorbed. The dinner table is far more powerful than a legislative negotiation table. A home is more powerful than a Capitol building or city hall. Though it is far from perfect nor free from problems and challenges, Utah can draw upon this strength to reimagine and forge solutions to those challenges — whether they involve international trade, discrimination, immigration or a host of other problems.
