Tariffs now a planning baseline
Many U.S. executives are treating tariffs as a permanent business cost rather than a temporary policy shock, reshaping sourcing and pricing plans, according to a recent PwC survey reported by Business Insider. CFO surveys and analysis suggest companies expect to retain any tariff refunds instead of passing them to consumers, and academic work ties 2025 tariff policy to measurable inflation effects in core goods categories (businessinsider.com, ibtimes.com, nber.org).
A growing share of United States executives now plan for tariffs as a lasting cost, not a short-term disruption. (businessinsider.com) Business Insider reported that 86% of United States executives in a PwC survey conducted in March 2026 said tariffs had become a “permanent planning assumption.” PwC tax leader Rohit Kumar said respondents expect tariffs to last “beyond the current administration.” (businessinsider.com) PwC’s broader business polling in 2025 had already shown companies moving from waiting to acting. In its May 29, 2025 Pulse Survey, 53% of companies said they had moved beyond planning on key responses to policy shifts including tariffs. (pwc.com) That change means tariffs are being treated more like rent or freight bills than like an emergency surcharge. Companies are adjusting sourcing, tax planning, and pricing on the assumption that the cost will still be there after the next election cycle. (businessinsider.com) The price effect has shown up in economic research as well. A National Bureau of Economic Research working paper published April 13, 2026 said the United States raised average tariff duties from 2.4% to 9.6% in 2025, and estimated that about 90% of those tariffs were passed through to tariff-inclusive prices paid by United States importers. (nber.org) A separate National Bureau of Economic Research paper using daily retail data found prices began rising immediately after the broader tariff measures announced in early March 2025. Imported goods rose about twice as much as domestic ones over the following months. (nber.org) That helps explain why tariff refunds are not expected to flow back neatly to shoppers. International Business Times reported April 13, 2026 that the latest CNBC Chief Financial Officer Council survey found companies preparing to keep any repayments rather than distribute them to households. (ibtimes.com) The refund issue grew after court rulings against Trump-era tariff actions. International Business Times reported last month that the Supreme Court struck down most of those tariffs and that businesses could seek refunds on an estimated $175 billion in duties, though the repayment process remains uncertain. (ibtimes.com) Some companies are already treating those possible repayments as a balance-sheet asset, not a consumer rebate. International Business Times reported on April 7, 2026 that businesses were using the expected value of tariff claims to support payroll and other operating needs. (ibtimes.com) The result is a quieter but more durable shift inside corporate planning: tariffs are being built into budgets, supplier decisions, and price lists as if they belong there. That is a different posture from the first Trump tariff rounds, when many companies treated the measures as temporary and reversible. (businessinsider.com)
