Approximately 45% of firms surveyed in Singapore intend to transfer the additional expenses stemming from new U.S. tariffs to their clients, according to a recent poll.
The AmCham Singapore stated on April 2nd that other companies plan to counter this situation by broadening their supplier networks to minimize dependence on markets with heavy tariffs. Additionally, they aim to capitalize on chances to increase their market presence as rivals who are less quick to adjust lose ground.
The quick poll revealed that over two-thirds of the 36 participants identified possible retaliatory tariffs on nations that impose taxes on U.S. imports as their primary worry regarding their businesses, rather than current trade policies.
Almost seven out of ten (69%) stated they anticipate the new tariffs to exert a considerable or somewhat adverse effect on their operations.
The survey results were released prior to the White House’s announcement on April 2, which outlined extensive reciprocal tariffs targeting America’s trade allies.
Approximately 20% of those surveyed think these measures won't impact their business at all.
Frank Debets, who leads customs and trade efforts for Asia-Pacific at PwC Singapore, did not agree with this view. He stated that it would be "unexpected" if businesses claiming no effect were completely protected from subsequent repercussions.
For example, their suppliers and clients might face disruptions, impairing their capacity to purchase or supply goods and services, or they could become targets of reciprocal actions initiated elsewhere, he mentioned.
The survey was carried out collaboratively by AmCham Singapore, BowerGroupAsia Singapore, and PwC Singapore.