US tariffs dampen mood of global exporters, study shows

The wave of new U.S. tariffs has severely dampened the mood among exporters and 42% of companies now expect their export revenues to decline markedly, according to a global survey by Allianz Trade published on Tuesday.

The credit insurer surveyed 4,500 exporters in Germany, France, Italy, Spain, Poland, Britain, the United States, Singapore and China about global trade in March and April, before and after the tariffs spiral on April 2.

Before Donald Trump's 'Liberation Day', when the president announced new tariffs against almost all trading partners, only 5% of companies had expected their export revenues to decline.


"In stark contrast to the great optimism before 'Liberation Day', this year's Global Survey confirms what we're observing in all markets: uncertainty and fragmentation will be with us for a long time," said Aylin Somersan Coqui, CEO of Allianz Trade.

Globally, export losses of $305 billion are expected in 2025, she added.

Germany had been expected to be badly affected by tariffs due to its export-oriented economy. In Germany, 39% of respondents expect a decline in their export revenues following the tariff announcement.

German exporters were significantly more concerned about geopolitical risks and protectionism (35%) than their counterparts in other countries (29%).