Concerns about tariffs among businesses globally have continued to rise significantly over the last six months, according to a new report.
The most recent edition of GlobalData’s Tariffs Sentiment Polls report shows that 37% of 444 businesses polled are significantly more concerned about tariffs than they were six months ago. The figure represents the first notable slowdown in rising concerns for nearly half a year, with it having remained in the mid-50s since April.
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Despite that, it shows that business concerns about tariffs have continued to rise significantly throughout 2025 and continue to do so.
The main challenge reported by companies is higher input costs, with 58% indicating as much compared to 50% in April. Then, uncertainty in long-term planning had been the main challenge reported, with 57% of businesses flagging the issue. Despite uncertainty now placing second among challenges faced, it remains a major concern at 54%.
“Many companies already face rising expenses from a flat 10% tariff on exports to the US, along with broader pricing impacts from tariffs,” GlobalData’s report says. “These costs will likely increase as the new reciprocal tariff rates are felt across industries. Many businesses will inevitably pass higher input costs onto customers, which ties into our business community’s overwhelming view that high tariffs will increase inflation.”
Among the other challenges faced are reduced demand from international markets (33%) and increased regulatory complexity (35%). GlobalData notes that the latter is up six percentage points since May, adding that “businesses have faced a whirlwind of compliance confusion due to fluctuating US reciprocal tariff rates.”
In response to the tariffs being imposed by the Trump administration in the US and counter-tariffs elsewhere, nearly half of companies are increasing prices or plan to do so, while only 13% of companies have no plans to raise prices.
“For companies not increasing prices in 2025, reducing operational or production costs is by far the main strategy being used to manage rising expenses,” the report details. “77% of respondents in August expected inflation to increase due to tariffs.”
GlobalData adds that tariffs are now shaping fewer long-term investment and expansion decisions, with 45% of respondents indicating this.
“Many firms may now consider tariffs as the ‘new normal’ in US trade relations, and having adjusted areas like supply chains and pricing, the effect of tariffs has been baked into long-term strategic planning,” it says.
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