President Donald Trump’s tariffs are very popular with the owners of American businesses.
Seventy-one percent of business owners surveyed by UBS Wealth Management Americas support additional tariffs on imports from China. Eighty-eight percent said that China engages in unfair trade practices, according to the UBS Investor Watch survey.
Support for the tariffs is not confined to those aimed at China. Sixty-six support of business owners support additional tariffs on Mexico. Tariffs on European goods have support from 64 percent. Even tariffs on Canadian goods have the support of a healthy majority, garnering 60 percent approval, according to the latest survey by UBS Wealth Management.
Far more business owners now think that tariffs will be good for their business.
Back in April, just 23 percent said they expected new tariffs to help their business. In July, forty-four percent viewed the tariffs as a positive for their business. Just 32 percent saw the tariffs as negative for their business.
Despite the deep support for the tariffs and the plurality view that tariffs will aid their businesses, a plurality of business owners–49 percent–think that tariffs may be bad for the overall economy. Forty-three percent, however, think it will be good for the overall economy.
Fifty-five percent say the Trump administration’s policies have a positive impact on their business. Just 20 percent see a negative impact.
Views of the economy remain very bullish both in the short-term and long-term. Seventy-one percent of business owners say they have a positive outlook for the next 12 months, up from 63 percent in April. Seventy-one percent also have a positive outlook for the next 10 years, up from 66 percent in April.
Owners are also bullish about their own businesses, with 75 percent having a positive outlook about the next 12 months. Forty-four percent said they plan to hire or invest more over the next 12 months, compared with just 16 percent who say they plan to downsize or invest less.
UBS Wealth Management Americas surveyed 300 business owners from July 16-18, 2018. Business owners have at least $250k in annual revenue and at least one employee besides themselves.