By Patrick Burnson, Executive Editor · May 11, 2020
In addition to the current economic issues caused by COVID-19, there are other significant events in 2020, such as the U.S. presidential election and the United States-Mexico-Canada Agreement (USMCA) implementation, which could directly affect international trade.
To collect deeper insights into how businesses are being impacted by COVID-19 and capture their perspectives on international trade developments, DHL conducted a survey of U.S. SMEs, including its customers.
Key findings from the more than 2,000 responses include:
- COVID-19 causes pullback on international business outlook: Almost half (49%) of respondents said the coronavirus has resulted in them taking a more conservative approach to their business’ global trade strategy. Only 15% are taking a more aggressive approach, while 36% are staying the path on their international approach as a result of coronavirus. It is no surprise that the majority are being conservative since according to our survey, an overwhelming78% of respondents have had business revenues decrease either slightly or significantly due to COVID-19.
- International policies will the tip scales at the voting booths: An overwhelming majority (78%) of respondents said the U.S. presidential candidate’s view on international trade will affect the way they vote this election year.