Singaporean business leaders are increasingly cautious, with many opting to pass on tariff-related costs to customers, according to a new study by Sandpiper. The research, which surveyed over 3,000 executives across 28 markets, highlights a significant shift in corporate strategies due to escalating geopolitical tensions and trade tariffs.
The study found that 25% of Singapore-based leaders plan to pass all tariff costs to customers, whilst 41% will pass on most. This is slightly higher than the global averages of 24% and 42%, respectively. Additionally, 34% of Singaporean executives have halted major investment decisions, and 17% have imposed hiring freezes.
Emma Smith, CEO of Sandpiper, expressed concern over the drastic measures being taken. “It is worrying that so many Singapore-based and global business leaders feel they have to take such dramatic action to reduce their vulnerability to the geopolitical and technological upheavals of 2025,” she said.
The survey also revealed that 65% of Singaporean leaders believe China holds a stronger position in trade negotiations compared to the US, reflecting a broader pessimism about the likelihood of a swift resolution to the ongoing trade conflicts.
As businesses brace for continued turbulence, the findings underscore the need for strategic adaptation. Sandpiper’s research suggests that companies must navigate these challenges carefully, balancing immediate cost pressures with long-term sustainability. The study serves as a critical reminder of the complex landscape facing global business leaders today.
