INDIANAPOLIS—Amid an uncertain trade landscape, this week, the Indiana Chamber of Commerce launched a brief online survey for its member companies throughout the state. In the first two days, nearly 200 business leaders participated, offering a clear picture of sentiment and the level of concern around the proposed tariffs.
“The big picture takeaway is America’s trade imbalances are very real, but attempting to correct all at once by imposing tariffs so broadly – especially against long-standing allies and trading partners – is cause for concern. That’s why it’s welcome news that President Trump announced a 90-day pause on non-China tariffs,” said Indiana Chamber President and CEO Vanessa Green Sinders.
“The collective tariffs would raise costs, shrink product market, disrupt supply chains and create new uncertainty for Hoosier companies and their consumers. The short-term economic harm could force employers to make difficult business decisions with a real downside.”
In the survey, 80% of the respondents indicated they were “concerned” about the tariffs, with over 100 business executives (nearly 65%) saying they were “very concerned.” The other 20% indicated they felt neutral or had little or no concern.
In terms of sentiment, some 33% “fully supported” President Trump’s action due to “unfair trade deals” and were “willing to absorb some short-term pain with the tariffs if it leads to better trade deals and domestic business investment.” But the clear majority, 66% – even those who agree there’s a trade imbalance – were worried the risk is too high. The feeling that resonated the most, at 41%, was “If tariffs continue to escalate, my company will have to make some tough decisions.”
Respondents were asked to rank specific consequences of the tariffs, which posed the “biggest concern” to their company. “Overall increased business costs” ranked first or second with 68%, followed by “shrinking product/consumer market” at 50%. Rounding out the top three concerns was “supply chain disruptions,” which was selected by 39% as first or second. “Delayed capital investments” and “workforce layoffs” came in at 27% and 17%, respectively.
Turning to which country’s or region’s new tariffs and retaliatory actions will have the most impact on companies, the answers were all over the board—with China, whose new tariffs have skyrocketed and remain in place, cited by 25% of respondents, bested only by Canada at 28%. The European Union and Mexico each were at 12%. More than 20% of respondents indicated that they would feel the sting from multiple countries.
Sinders notes the survey will remain open. “All the information collected will continue to be shared with Indiana’s congressional delegation as we work to support the business community and focus on a pro-growth agenda.
“The survey also will help us better understand how the Indiana Chamber can help during this period of uncertainty and be a repository of information – both in listening to what member companies are experiencing and offering best practice assistance where we can.”
Companies of various sizes and industries participated in the survey. Small businesses with 100 or fewer employees accounted for 58% of respondents, with 44% being companies with less than 50 workers. A quarter of the participants represented businesses with 101-500 employees, and 15% were major employers of over 500.
