Partner sentiment toward Trump’s tariffs is diverging sharply between North America and Europe, as shown in the Channelnomics analysis. In North America, optimism is steadily declining. In Q1, 54% of partners believed the tariffs would help their business, but by Q3, that number dropped to 45%. Meanwhile, concern about negative impacts rose from 20% in Q1 to 35% in Q2 before moderating slightly to 33% in Q3. The share expecting no impact edged up to 21%, suggesting growing uncertainty about real-world effects as tariffs become reality.
Europe tells a different story. Initial optimism was lower than in North America — 53% in Q1 — but remained steadier, with 46% still seeing potential benefits in Q3. More partners in Europe than in North America predicted no impact, holding near 26% to 28% across all three quarters. Concerns about harm increased early on, peaking at 34% in Q2, but eased to 28% in Q3, indicating that EU trade responses may be cushioning some of the potential downside.
KEY TAKEAWAYS
North America: Declining Optimism
Q1: 54% believed tariffs would help business
Q3: Dropped to 45% as duties took effect
Concerns about harm rose from 20% (Q1) to 33% (Q3)
Partners citing “no impact” increased to 21%, showing uncertainty
Europe: More Balanced Outlook
Q1: 53% saw potential benefits; Q3 held at 46%
Fewer feared harm compared to North America, declining to 28% by Q3
“No impact” stayed steady at 26–28%, reflecting policy buffers
Key Takeaways
U.S. partners increasingly skeptical as tariffs disrupt supply chains
EU partners show cautious optimism with more moderate swings
Regional trade responses shape divergent business outlooks
Overall, the data shows American partners growing wary as tariffs bite, while Europeans remain cautiously balanced, reflecting different regional economic dynamics and trade policy reactions shaping partner outlooks.