The unpredictability of U.S. tariff policies is fuelling uncertainty among global businesses, according to the 2025 Allianz Trade Global Survey, with almost 60% of those asked expecting a negative impact from the trade war. The survey, published on May 20, gathered insights from 4,500 companies across China, France, Germany, Italy, Poland, Singapore, Spain, the UK, and the U.S., and was conducted in two phases—before and after the “Liberation Day” tariff announcements on April 2. The findings reveal a significant shift in growth expectations, increased concerns about risks—particularly payment delays—and a range of strategies being adopted to navigate the ongoing trade war. Despite recent bilateral trade agreements, uncertainty remains high, and any sense of relief may prove short-lived.
