A new survey from ResumeTemplates.com finds that nearly three-quarters (74%) of U.S. companies that rely on imports plan to raise prices following the sweeping tariffs announced by President Trump on April 2, 2025. The survey, which polled 735 business leaders, indicates that most price hikes will take effect before the end of Q2 — and that consumers aren’t the only ones likely to feel the impact.
While price increases are the most common response, companies are also implementing internal cost-cutting measures and reevaluating their operations globally.
How Companies Are Responding
Three in four companies (74%) say they plan to raise prices as a result of the new tariffs, with 25% implementing the changes immediately. Another 42% say price increases will take place by the end of Q2 2025, while 17% expect to raise prices in Q3 or Q4. In addition to price hikes:
- 38% of companies plan to freeze hiring
- 33% will delay raises or bonuses
- 27% anticipate layoffs
- 13% say they may reduce salaries
- Retail, Manufacturing, and IT Most Likely to Raise Prices
Among industries with at least 20 respondents, companies in retail (84%), manufacturing (79%), and information technology (79%) are the most likely to implement price increases. Companies importing from China (77%), Canada (76%), and Mexico (76%) also reported higher likelihoods of price hikes.
1 in 5 Companies Plan to Move Manufacturing Back to the U.S.
One of the stated goals of the tariff plan is to bring manufacturing jobs back to the U.S. — and some companies appear to be following suit. Overall, 18% of surveyed companies say they plan to reshore manufacturing. Industries most likely to move operations back to the U.S. include:
- Banking and financial services (36%)
- Engineering (32%)
- Computer software (24%)
- Manufacturing (21%)
- Information technology (19%)
- Healthcare (15%)
Some Companies Plan to Offshore Skilled U.S. Jobs Instead
Despite the tariffs’ intent to boost domestic employment, 6% of companies say they’ll reduce costs by offshoring skilled roles. These positions are most often in IT support and infrastructure (32%), software development (20%), and customer service and technical support (20%).
