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HSBC Global Trade Pulse Survey

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Despite supply chain headwinds, U.S. businesses remain confident in long-term international trade growth.

Rising costs and ongoing supply chain disruptions are pushing global businesses to reassess their strategies and investment plans, as tariffs and evolving trade policies continue to shape the landscape.

This is according to the findings of our recent Global Trade Pulse Survey, which provides insights into the business strategies and outlook of more than 5,700 international companies across 13 markets, including 1,000 based in the United States, specifically in relation to tariffs and trade. The survey reveals that two thirds of corporates have already experienced cost increases due to tariff and trade uncertainty – and the worst may be yet to come.

ajit menon

Ajit Menon

US Head of Global Trade Solutions

As the world’s leading trade bank, HSBC is seeing firsthand how resilient and forward looking our clients are even in the most challenging conditions. We are uniquely qualified to help our clients navigate global complexity.

Key Findings:

  • 72% of U.S. companies report higher operating costs due to tariffs – above the global average (66%).
  • 77% expect those costs to rise further by year-end
  • 71% are increasing their reliance on the US market in response to current trade dynamics

These findings reflect a complex trade environment - U.S. firms are navigating a complicated trade landscape, leading many to reevaluate their supply chains, shift investment priorities, and rethink pricing strategies. Nearly three-quarters of respondents say they have paused or reconsidered long-term investments due to policy uncertainty, and 52% report difficulty forecasting costs or demand for the year ahead.

U.S. companies are expected to feel the impact of tariffs and trade uncertainty more than most. In the short term, many are turning their attention toward domestic sourcing and sales. Still, they remain confident in international growth prospects over the long term with nearly all (93%) respondents saying they expect to grow international trade over the next two years. Download the report to learn more.

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