2025

Firms' economic outlooks and tariff concerns improved somewhat in the recent CFO Survey, but higher costs and price growth are still expected by firms who import from abroad.

Results from the CFO Survey suggest that while trade policy may affect business conditions broadly, firms directly affected by tariffs are impacted most.

Our first CFO Survey of 2025 explored the extent to which firms' supplies are imported from countries facing tariffs and how this exposure impacts firms' expectations.