Stocks closed with some heavy losses after the United Kingdom voted to leave the European Union. Utah, like the rest of the world, is experiencing the effects of uncertainty in the market.
“We may be a state with a small population in the middle of the Rocky Mountains, but we’re not immune from what’s happening around the world,” says Derek Miller, President and CEO of the World Trade Center Utah. “My advice to people is don’t look at your 401K for the next few days. We’re going to see market turmoil, and then I’ll think we’ll see it stabilize and come back.”
Of long term concern is what will happen with trade, since the UK is Utah’s largest trading partner. Miller says it’s going to take a long time for the regulations to work out, but he doesn’t think the change will have a big impact on Utah’s exports.
“They’re an island,” Miller says. “Their economy doesn’t exist other than looking at the rest of the world so they’ll be very focused on trade. That’s good news for Utah businesses because they’re such a big trading partner with us.”
Miller says there will be plenty of time for Utah businesses to adjust to that new world. In the meantime, he’s looking forward to celebrating America’s own Brexit on July 4th.