According to a recent international survey of attitudes, more than 60 percent of businesses worldwide have reasons to be concerned. They’re especially worried about the harm done by tariffs recently imposed by U.S. President Donald Trump. Out of 602 respondents, 57% expressed that they are extremely concerned about the potential impact that these tariffs will have on their ability to carry out their operations. Just 11% of respondents said they were even a little concerned. In comparison, only 25% expressed that they are not very concerned or not concerned at all.
The volatility created by tariffs makes it difficult for business leaders to know how to invest and manage going forward. Seventy-seven percent of 306 respondents said they are more worried than six months ago. Consequently, many firms today find themselves caught between a rock and hard place as they continue to adjust to the increasingly volatile trade environment.
Rising Concerns Amid Tariff Developments
The survey highlights a troubling trend. A significant majority of businesses anticipate adverse effects from tariffs imposed by the U.S. or in response from other countries. Just 20% of respondents predict positive results or no effect either way from the tariffs currently set to go into effect. This continued inconsistency makes it more difficult to plan and invest in the future.
Even with White House assurances and a 90-day reciprocal tariff holiday, there remains fear in the business community. Finishing trade agreements between the U.S. and its main trading partners may be key. These agreements go a long way towards addressing many of those worries.
“Tariff concerns would have already been on the radar, given that Donald Trump made them a central pillar of his election campaign.” – GlobalData
The Impact of ‘Liberation Day’
The so-called ‘Liberation Day’ on April 2, 2025, seems to have marked a notable shift in businesses’ perceptions of tariffs. After this deadline, industries started to express concern about the effects of tariffs.
23% of responding leaders indicated that they hadn’t changed or worsened their concerns about tariffs. At the same time, 11% experienced a minor or major reduction in their fears. That’s good news, indicating some optimism is starting to seep into businesses even if the overwhelming mood is still wary.
“There will be limited opportunities for success in the face of high proposed tariffs.” – GlobalData
Navigating a Challenging Macroeconomic Climate
While businesses continue to wrestle with these tariff-related unknowns, most are just wondering what the heck they should be doing moving forward. In particular, the nature of their operations, in addition to the types of goods they sell, have impacts on their outlook.
For example, some sectors, such as services, may be insulated from the effects of U.S. reciprocal tariffs. Industries like semiconductors and electronics are reaping the rewards at the moment from exemptions on punishingly high tariffs for Chinese imports.
“The real challenge lies in taking advantage of these opportunities in a macroeconomic climate that will remain challenging for the next few months at least.” – GlobalData