U.S. Businesses Show Resilience and Adaptability as Rising Costs and Uncertainty Shape New Approaches to Global Trade, HSBC Survey Finds

November 12, 2026 (New York) - U.S. businesses remain resilient amid rising costs and trade uncertainty, adapting their supply chains, business models and financing strategies to address emerging challenges, according to HSBC's most recent Trade Pulse Survey.

Energy is emerging ahead of tariffs as the top cost driver for U.S. businesses, with 42% of respondents identifying energy prices as affecting their cost bases, compared with 39% citing tariffs. Financial pressures remain widespread, with 73% of U.S. businesses reporting higher costs to date, compared with the global average of 68%. Trade and tariff challenges are also creating working capital pressures, as 65% of U.S. respondents said their working capital needs have risen since 2025.

Despite these pressures, companies remain highly optimistic about the prospects for global trade and their ability to adapt operations and adopt technologies to address these challenges. The vast majority of respondents (89%) are confident they will be able to grow their international trade over the next two years, and a similar proportion (88%) say their actions in response to trade uncertainty and disruption have been effective to date. Eighty-four percent of U.S. businesses say changes to their supply chain management have improved cash flow, above the global average of 78%.

AI and technology are playing a significant role in the rapid evolution of business models and are becoming more embedded in trade operations. Eighty-six percent of U.S. respondents say they have deployed AI in at least one trade function, and 91% say they have either adopted or plan to adopt AI tools. U.S. businesses also exceed the global average in buying or customizing third-party AI tools (64% vs. 60% globally), while 71% say the build-out of AI infrastructure is increasing demand for their products.

"The trade landscape has continually become more complex, but U.S. businesses are staying nimble and adapting quickly," said Ajit Menon, Americas Head of Global Trade Solutions, HSBC. "Clients are meeting the challenge by investing in technology, rethinking supply chains and strategically upgrading operations to stay competitive."

While AI adoption is accelerating, the survey highlights an opportunity for businesses to strengthen oversight. Across the 10 AI governance measures surveyed, such as appointing an AI officer or establishing employee guidelines on AI usage, the average reported adoption rate was just 33%.

Alongside these operational changes, businesses continue to diversify their international networks and trade corridors. Globally, reliance on North America is increasing, with 38% of businesses reporting greater reliance on the region, up from 32% in the previous survey. Among U.S. businesses, nearly half (46%) report increased reliance on the domestic market.