A recent survey by the American Chamber of Commerce in Singapore (AmChamSG) has highlighted significant concerns amongst businesses regarding the impact of reciprocal tariffs. Conducted in collaboration with BowerGroupAsia Singapore and PwC Singapore, the survey revealed that more than two-thirds of respondents believe these tariffs pose greater challenges than existing measures. The findings, published in the report “Navigating Tariffs: Insights from AmChamSG Flash Survey,” underscore the complexities businesses face in the current trade environment.
The survey found that whilst 20% of respondents believe the new US tariffs will not affect them, over 70% anticipate a negative impact on their operations. Nearly half of the businesses surveyed plan to pass on increased costs to consumers, whilst others are looking to diversify supply chains to mitigate reliance on high-tariff markets. Additionally, over 90% of respondents predict that the tariffs will harm the US economy more than those of ASEAN or Singapore.
Dr Hsien-Hsien Lei, CEO of AmChamSG, commented on the findings, stating, “The findings from the AmChamSG flash survey show that tariffs and trade tensions have caused companies to feel greater uncertainty, which then delays major decisions that would affect business operations.” She emphasised the need for businesses to exercise due diligence in examining their supply chains to prepare for potential disruptions.
AmChamSG, established in 1973, remains committed to supporting its members through advocacy, community, and thought leadership as they navigate the evolving tariff landscape. The full report is available for download on AmChamSG’s website.
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