Tariffs are the new normal, and executives know it.
A supermajority — 86% — of US executives surveyed by PwC last month said they expect tariffs to remain a “permanent planning assumption” for them. The Big Four firm published the survey results on Monday.
The results include the expectation that tariffs will last “beyond the current administration,” said Rohit Kumar, national tax office coleader at PwC.
The outlook marks a big shift from Trump’s first term, when the president implemented his first round of tariffs.
Many businesses strongly opposed the strategy. Then-presidential candidate Joe Biden campaigned against the tariffs before winning the 2020 election, though his campaign sent mixed messages on whether he would actually roll back Trump’s duties.
By the time Biden left office in 2025, he had kept many of Trump’s tariffs in place — and implemented some of his own, such as on Chinese electric vehicles.
That continuity, plus a breakdown in support for free trade agreements compared to 20 years ago, makes many business leaders less optimistic about a tariff rollback anytime soon, Kumar said.
“Whatever we are left with at the end of the day is likely to stick around, even if there’s a change in political control of the White House,” he said.
In his second term, Trump has already amped up his use of tariffs. He implemented many that used presidential emergency powers and were ruled unconstitutional by the US Supreme Court in February. After that ruling, Trump announced universal tariffs of 10% to 15%. While those duties are temporary, Trump has other legal means to implement more tariffs.
Tariffs that Trump has implemented during his second term have hit a range of goods and services, from cookware at Costco to small shipments sent through UPS.
PwC’s survey asked 633 executives, from those in C-suites to board members, across industries about their outlook on policies, risks, and growth opportunities relevant to their businesses.
Despite having to deal with the tariffs, nine out of 10 executives PwC surveyed said that their company “is in a better position now than it was two years ago.” And 64% said they are ahead of the curve in responding to policy and geopolitical changes.
“US executives have shifted from reacting to disruption to operating with greater confidence and steadier footing,” a summary of the survey’s findings reads.
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