Two thirds of British entrepreneurs believe Donald Trump’s US presidency will be good for their business, according to a poll by founders’ network Helm.
Polling its 400 members, some 66 percent said they thought Trump will be ‘good for business’, while 33 percent said they thought he would be ‘bad for business’.
Helm represents £8bn of British business with the average revenue of business being £21m.
Former The Apprentice star Donald Trump is famously pro-business which had positive knock-on effects for UK businesses in his first term.
However, on the campaign trail he proposed cuts to business taxes in the UK but tariffs of 10-20 percent on imports from all countries, with a 60 percent rate reserved for China.
Oxford Economics forecast that a full-blown Trump trade war would cause a short recession and push inflation back above 3 percent.
UK business and trade secretary Jonathan Reynolds last week warned that tariffs could lead to higher inflation and unemployment, stating that Trump’s administration will “be a challenging time for anyone that’s responsible for trade in a big economy”.
Andreas Adamides, CEO of Helm, said: “Our members are sharply divided on the broader implications of Trump’s presidency, what stands out is that two-thirds are optimistic about its potential impact on their businesses.
“This bullish sentiment likely reflects Trump’s pro-business policies, which many entrepreneurs believe could provide opportunities for growth. That said, this optimism is tempered by valid concerns over unpredictability and potential market volatility. It’s clear that our members recognize both the opportunities and the risks and are preparing for a dynamic period ahead.”
David Atkinson, founder of advertising agency Agency Space said: “Longer term, this is not a good thing. But I think the US and UK economy will received a short term bump.”
However Shelley Hoppe, founder of SBC, said: “I don’t think Trump will be good for business. he creates a lot of chaos and uncertainty, which makes markets volatile, everyone more anxious, and planning more difficult.
“Moreover, he is very focused on his personal agenda to the exclusion of all else, and others are quick to pander to him without considering the wider implications. This seems to me to be a recipe for poor decision making.”
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