Recent shifts in U.S. trade policy are expected to have a limited short-term impact on the global infrastructure sector, according to a report released May 14 by S&P Global Ratings.

The report, titled “For A Resilient Global Infrastructure Sector, The Immediate Impact From Tariffs Will Be Limited,” highlights the sector’s resilience, credit quality, and long-term investment structure as key reasons for its stability despite global economic uncertainty and rising tariffs.

While S&P anticipates only a modest immediate effect, it cited several emerging pressures that could weigh on the strength of infrastructure credit going forward. These include access to liquidity, global supply chain disruptions, increased costs of goods and materials, and regulatory shifts or changes in federal funding.

Regionally, North American infrastructure entities are expected to remain resilient in the near term, though trade tensions could slow capital expenditures and new project starts. In the Asia-Pacific region, the impact has been minimal so far, mainly due to favorable funding conditions and a predominantly domestic focus.

European, Middle Eastern, and African infrastructure assets are considered somewhat shielded from direct tariff impacts but may still face broader economic consequences. In Latin America, many projects secured long-term financing before tariff changes, providing near-term stability.

The full report is available to RatingsDirect subscribers at www.capitaliq.com. Non-subscribers may request access by contacting S&P Global Ratings.