A majority of business owners, including small business owners, support additional tariffs on China, according to a poll released from UBS polling. A majority of business owners also supported additional tariffs on Mexico, Europe, and Canada.
The poll revealed that 71 percent of business owners support additional tariffs on China. 66 percent of business owners said they support additional tariffs on Mexico and 64 percent said they supported additional tariffs on Europe. Further, 60 percent of business owners support additional tariffs on Canada.
Additionally, the poll found that 59% of the high net worth investors surveyed by UBS support additional tariffs on Chinese. However, less than wanted additional tariffs on Canada, Mexico or the EU. 45 percent of the high net worth investors supported additional tariffs on Mexico, 43% support additional tariffs on Europe, while just 33% supported additional tariffs on Canada.
The poll also found that 88 percent believe China engages in unfair trade practices. Also, 69 percent are concerned about a possible trade war with China up 5 percentage points from 62 percent in June. Almost half of the business owners said a trade war would have a negative impact on the economy notes Axios.
Poll information: “In mid-July, UBS interviewed 501 high net worth investors and 300 business owners making at least $250k in annual revenue and with at least one other employee other than themselves. Business owners worked in more than 20 industries. There’s a 6% margin of error for business owners and 4.5% for investors.”