CFOs shift pricing as tariffs wobble
- KPMG said March 30 that large U.S. companies are no longer waiting out tariffs, with more executives baking higher import costs into pricing. - In KPMG’s latest survey, 55% planned price increases of as much as 15%, while 34% said they now pass through most tariff costs. - A Supreme Court ruling eased sentiment, but companies still treat trade policy as a standing cost, not a temporary shock. (kpmg.com)
Large U.S. companies are shifting from absorbing tariff costs to charging more and rewriting supply plans, according to KPMG’s March 30 tariff survey. (kpmg.com) KPMG surveyed 300 U.S. C-suite leaders at companies with more than $1 billion in annual revenue and found 55% expect additional price increases of up to 15% in the next six months. (kpmg.com) The share of companies passing through more than half of tariff-related costs rose to 34% in February 2026 from 13% in May 2025. KPMG said fewer businesses are still trying to absorb the hit internally. (kpmg.com) That change followed a year of shifting U.S. tariff rules. CNBC reported that after the Supreme Court struck down much of President Donald Trump’s tariff agenda on Feb. 20, the administration moved within hours to impose a new 10% global tariff under Section 122 of the Trade Act of 1974 for 150 days. (cnbc.com) KPMG said the ruling improved near-term sentiment, but companies still described policy and cost uncertainty as persistent. Its March supply-chain report said firms now treat trade policy as a standing cost embedded in operations. (kpmg.com 1) (kpmg.com 2) The operational effects go beyond price tags. KPMG found 78% of respondents reported higher cost of goods sold, 51% reported margin declines, and 68% said they had postponed major investments. (kpmg.com) Sales also weakened. KPMG said 82% reported lower foreign sales and 61% lower domestic sales in their most recent fiscal quarter, even as companies moved gradually toward reshoring and supplier diversification. (kpmg.com) (cnbc.com) Finance chiefs are not treating possible refunds as a reason to reverse those moves. In CNBC’s April CFO Council survey, 12 of 25 chief financial officers said they would apply for tariff refunds, but none said they planned to share that money directly with customers. (cnbc.com) The result is a quieter reset inside procurement, pricing, tax and contract teams. KPMG said tariff responses are becoming more targeted, operational and data-led, with companies focusing on pricing, sourcing and compliance instead of waiting for trade policy to settle down. (kpmg.com) For corporate planners, the message from the surveys is that tariffs have moved from a temporary margin problem to a permanent planning assumption. (kpmg.com)
