Business owners believe the economy will grow but have mixed feelings around tariffs, according to a survey by the New Jersey-based Provident Bank. The survey found that 60% of U.S. business owners believe the economy will grow over the next six months. At the same time, 55% believe that tariffs have a negative effect on the economy.
More than 70% of respondents are “very” to “moderately” concerned about the effects of tariffs on their businesses, according to Provident Bank. So far those effects have been minimal, with more 80% of businesses saying there has been “somewhat of an impact” or “none.”
The survey also asked business owners how they have responded to tariffs. Roughly 32% said they are adjusting their inventory levels and about the same percentage said they are considering that option. Slightly less than 30% plan to halt hiring while nearly 50% say that their hiring plans remain unchanged. A slight majority of respondents (42%) plan delay major capital expenditures.