More than six months after US President Donald Trump unveiled his “Liberation Day” tariffs, Asian firms are showing signs of adaptation and stabilization, with their concerns around revenues easing and a new trade map shaping up, a new report finds.

In fact, certain markets in Asia report that recent trade-policy shifts are boosting rather than hindering their short-term growth.

According to HSBC’s newly released Global Trade Pulse report, more than two in three ( 68% ) of Asian firms feel more certain about the impact of trade policy than they did six months ago, while more than three in four ( 76% ) find it easy to understand the impact of recent trade-policy changes.

With the tariff dust beginning to settle, Asian firms expect supply-chain disruption to have a slightly lower impact on revenue than six months ago. On average, Asian firms forecast a 13% negative impact on revenue over the next two years, down from 18% in the first Trade Pulse survey about six months ago.

Meanwhile, less than one in five ( 18% ) of Asian firms fear revenue loss of 25% or more, down by more than half from 35% six months ago – and slightly below the global average of 22%.

Aditya Gahlaut, regional head of global trade solutions, Asia, at HSBC, comments: “Our research data suggest that companies in Asia are adapting to the new environment. Though their concerns around revenue have eased slightly, they remain alert to risks.

“Tariff uncertainty has galvanized Asia, while a growing sense of certainty is enabling companies across the region to make more informed decisions and plan ahead.”

Focus on Asia

As the tariff landscape becomes clearer, a new trade map is shaping up, with Asian firms dialling up their focus on Asia in their trade strategy, according to the report.

Among Asian firms, 41% plan to increase reliance on Southeast Asia; 34% plan to increase reliance on East and North Asia; and 29% plan to increase reliance on South Asia. 30% of Asian firms also plan to increase reliance on Europe.

Among global firms, Europe is the top destination ( chosen by 40% of global companies ), followed by Southeast Asia ( 36% ), East and North Asia, and North America ( both 32% ).

It is notable that while 32% of global companies plan to increase reliance on North America, 22% of global companies plan to decrease reliance, the highest among all regions.

“Asia for Asia is no longer a slogan: it is borne out by the fact that the Asia-Pacific region is home to the world’s largest free-trade agreement, the Regional Comprehensive Economic Partnership,” says Gahlaut.

“What’s more, Asia’s growing consumer market, its thriving digital economy, and deeply rooted supply network make the region an appealing target not only for Asia firms but for companies worldwide.”

Standout markets

India, Bangladesh, and Indonesia stand out as clear beneficiaries of the dynamic trade environment, with 66%, 62%, and 57% of firms in those respective markets reporting a positive impact from tariffs and trade uncertainty to date.

Expectations for the next two years are even stronger, rising to 80% of firms in India and 69% in Indonesia, though Bangladesh records a slight drop to 60%.

Malaysia also enjoys a more positive sentiment, rising from 51% to date to 69% in the next two years. Another Southeast Asian economy, Vietnam, shows a similar rise, from 48% to date to 64% in the next two years.

Banks have and will become more central to corporate decision-making in light of trade-related volatility. Of the surveyed Asia firms, 89% say banks’ importance has risen as cross-border complexity increases.

Strategic advice on international expansion is the top form of support sought from banks, followed closely by risk-management tools, and support with business resilience ( e.g., scenario modelling, continuity planning, and cash-flow forecasting ).

The report is based on an October 6-21 survey of 6,750 HSBC clients from companies with international operations across 17 markets.