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The world's top worries before the trade war escalated

Reproduced from UBS Investor Sentiment 2Q 2019; Chart: Axios Visuals

A recently released survey of business owners around the world provides an interesting snapshot of expectations and worries for firms in different parts of the globe before Trump escalated the trade war.

What they're saying: European business owners were the least optimistic, while those in Latin America had the most optimism.

  • Fifty-five percent of Latin American business owners said they had "big growth plans" in the next 12 months, more than double the 20% of U.S. business owners and 22% higher than business owners in Asia.

When it came to their top concerns, cybersecurity was the most cited answer, chosen by 48% of global respondents, but there was a plurality of responses, ranging from having sufficient insurance to regulations.

  • Perhaps the most interesting development was the high cost of tariffs rising to the second most concerning business development in Asia.

Note: African business owners were conspicuously absent from the survey.

Go deeper: The world can't afford a trade war right now