A new global survey reveals that only a fifth of businesses expect to benefit from tariffs imposed by or in response to US President Donald Trump, while a significant majority anticipate negative consequences in the year ahead.
GlobalData’s Tariffs Sentiment Polls survey, conducted in the weeks following the US government’s 90-day pause on most reciprocal tariffs in April, found that nearly two-thirds (61 per cent) of 497 business respondents expect tariffs to harm their operations over the next 12 months.
In contrast, just 20 per cent foresee a positive impact, with another 20 per cent expecting neither positive nor negative effects.
The report highlights deepening concerns across the business community.
“Indeed, the risks of a US and global recession are growing,” GlobalData stated.
“Despite the 90-day pause on most reciprocal tariffs, the near- and longer-term outlook is dogged by uncertainty, complicating investment and management decisions.”
The survey also indicates that 77 per cent of respondents have seen their company’s level of concern rise in the past six months, reflecting the volatility triggered by ongoing tariff announcements and trade tensions.
Only 11 per cent reported a decrease in concern during that period.
“There will be limited opportunities for success in the face of high proposed tariffs,” GlobalData notes.
“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.”
The heightened anxiety is echoed in broader sentiment data: 57 per cent of respondents described themselves as “very concerned” about the impact of tariffs on their business, with an additional 11 per cent expressing slight concern.
Only a quarter said they were not very concerned or not concerned at all.
GlobalData’s analysis suggests that the uncertainty is being driven both by the unpredictability of tariff policy and by the broader economic environment.
The report concludes that completion of trade deals between the US and key partners may be necessary to quell tariff concerns and restore business confidence.
