Dahua Research: US tariff war has made Singaporean companies optimistic by nearly 30 percentage points

UOB released the "2025 Business Outlook Study" report on Thursday (June 5), showing that after Trump waved the tariff stick, business confidence in Southeast Asia and Greater China declined. Only 48% of ASEAN's surveyed companies have a positive attitude towards the regional business environment, far lower than the 77% high before the tariffs were imposed.

The results of the survey on small and medium-sized and large enterprises show that 67% of enterprises expect ASEAN internal trade to grow. In addition, 47% of companies expect that the pace of expanding overseas markets will also accelerate.

Although the tariff war launched by US President Trump has impacted business confidence, companies are still adapting to changes in the current situation.

Dahua's survey found that many companies are actively adjusting their strategies, including strengthening ASEAN's internal trade links, speeding up digitalization and sustainable development processes, in order to cope with the ever-changing market environment and discover new growth opportunities.

The tariff war has also caused concerns about rising corporate costs and inflation in Singapore. Only 53% of the companies surveyed in my country have a positive attitude, which is also far lower than 82% before the tariffs are imposed.