<h1>Q4 2025 business sentiment slips 1.9% as SMEs hit by tariff uncertainty and supply chain disruptions</h1> A quarterly business sentiment report found a 1.9% decline in optimism in Q4 2025, driven mainly by weaker confidence among small and medium enterprises due to tariff uncertainty and global supply chain disruptions, while larger firms remained optimistic. Export-order optimism fell overall but improved in select export-oriented sectors; domestic orders and sales-volume expectations rose, supported by falling nonperforming assets, lower unemployment, tax revisions and accommodative monetary policy. Ongoing trade negotiations with multiple jurisdictions and policy support are expected to mitigate GDP impact, though SMEs face heightened legal and commercial risks from tariffs, trade realignment and tighter margins.