# Spend outside the US highly volatile post-tariffs in a few countries; CFOs dial back optimism We compared Brex card activity outside the US in the weeks surrounding the April 2 tariff announcement, and our MoM data showed fluctuations in a few countries. **URL Source:** https://www.brex.com/journal/tariffs-spend-fluctuation --- Spend outside the US highly volatile post-tariffs in a few countries; CFOs dial back optimism. Brex serves enterprises all over the world with employees using Brex cards in nearly every country. So how are Brex customers reacting to the Trump administration’s tariffs? We compared Brex card activity outside the US in the weeks surrounding the April 2 announcement, and our MoM data showed material fluctuations in a few countries. ![Spend changes post tariffs by country](https://brand.brex.com/transform/32942dcb-d189-4816-8285-80f69431fda3/NEW-Spend-changes-post-tariffs-by-country-2) On April 2nd, President Trump applied a baseline 10% duty on most imports, with rates as high as 145% on Chinese goods, 54% on the EU, and 26% on Japan, which sent stock markets into a multi-day frenzy. We saw activity for Brex customers based in a few key countries fluctuate in April: - Those in China, Vietnam, and India reduced spending nearly 50%, before it rebounded by 21% the rest of the month. - China spend was down 81% but ticked back up in the following weeks. - Canada did a full 180-degree turn, with spend declining 11% and then rebounding 13%. - India spend dropped 37% and continued to decline an additional 26% the following week. While this is a snapshot of spending in just a few parts of the world, tremendous uncertainty remains among finance leaders regarding these tariffs. Policies are changing what feels like every day. There’s renewed discussion on reciprocal tariffs, and multiple states are suing to block their enforcement, which makes it difficult for businesses to plan. So, how are corporate leaders feeling about all of this? Many are less optimistic than they were a few months ago. ![Financial leaders less optimistic post-tariffs](https://brand.brex.com/transform/41bd7c2e-9257-4717-a342-6a24e8cb99ba/Tariff-optimism) At the beginning of Q1’25, we polled 500+ global finance leaders to gauge their top goals and concerns for the year. After the recent tariffs, we re-polled them to see whether those sentiments had changed. And they did: - Mitigating geopolitical instability is now their top external concern for 2025. - Optimism surrounding the IPO and M&A markets dropped significantly. - Their top investment priority is no longer “new market expansion”; it’s revising risk management strategies. Check out [the full report](https://www.brex.com/resources/2025-cfo-survey-register) to learn more about how top finance leaders plan to navigate increasing economic volatility. ## Related Articles ### [📋 The CFO Playbook](https://www.brex.com/resources/the-cfo-playbook-register) CFOs share their insights on how to navigate changing markets and win in every economic climate. ### [How CFOs can promote a culture of financial discipline](https://www.brex.com/journal/how-cfos-can-promote-a-culture-of-financial-discipline) Here's what leading CFOs on the frontlines shared with us about how they empower teams to spend smarter and sustain momentum in a downturn. ### [MMFs vs mutual funds](https://www.brex.com/journal/taking-a-closer-look-at-money-market-funds) Eyeing a yield offer? Read this first to avoid hidden risks and learn how to earn yield while maintaining liquidity. ### [Vendor verification and payment controls for fast-moving companies](https://www.brex.com/journal/vendor-verification-and-payment-controls-for-fast-moving-companies) A cautionary tale on why finance leaders should institute thorough spend controls, vendor background checks, and payment approvals. ### [Winter 24 Release](https://www.brex.com/journal/winter-release-2024) Discover our new Brex bill pay integrated with the controls and scalability of the Brex platform, including new spend limits that help you provision spend with confidence. ### [Alchemy Q&A](https://www.brex.com/journal/alchemy-ditches-disparate-systems) Hear from Alchemy about how the need for scalability and real-time insight led them to unify their spend.