Asia Pacific business leaders feel the election of Donald Trump to the U.S. presidency could be negative for the region in the long run although they have yet to feel the effect on their businesses, recent research done by Harvey Nash has found.
A nervous world watched as Trump took the oath of office and gave his inaugural address in Washington on Friday U.S. time, with business leaders in the Asia Pacific region most worried about trade and tariff frictions and market instability, according to the survey, which was conducted between late November and December.
The "Trump Effect on Asia" survey, which polled 141 APAC business leaders, found that the majority "expressed concern about the lasting impact of a Trump presidency", Harvey Nash said.
Specifically, 29 percent of respondents expect Trump will have a long-term negative impact on APAC business profits, 19 per cent are assessing their existing trade deals with the U.S., and 7 per cent have cut budgets as a result of Trump's victory.
"The U.S. will be more inward looking. China will carry on with its global expansion plan. ASEAN will be split between the major powers and self-interest," one of the respondent's comment was cited as saying in the survey release.