For many executives, tariffs have become business as usual.
Even after the U.S. Supreme Court’s landmark ruling against the Trump administration’s tariff regime, the levies — and the uncertain legal territory surrounding them — remain top of mind for many business leaders. So much so that tariffs are now a regular part of scenario planning.
That’s according to a recent survey released by PwC last week. In a March survey of 633 U.S. executives, the Big Four firm unveiled that 86% of respondents are now approaching tariffs as a “permanent planning assumption” and “building them into operating models rather than waiting for relief.” The respondent base included CFOs, CEOs, COOs, CTOs and other high-ranking business people.
Tariff policy remains a top-ranking concern among surveyed executives, with 65% citing it as a moderate or severe risk. Meanwhile, 69% cited a “complex regulatory environment” more broadly as a moderate or serious risk.
At the same time, the report also showed that most respondents (87%) are expecting “U.S. fiscal pressures to push business taxes higher.” That came even despite the many corporate tax benefits included in the One Big Beautiful Bill Act, which is expected to result in $1.8 trillion in net tax reductions for businesses through 2034.
Nonetheless, PwC’s finding shows that “executives are planning for long-term fiscal pressure rather than short-term political cycles,” said Michelle Horton, health industries risk and regulatory leader at PwC US, in an email to CFO.com.
“Many are treating volatility as structural and building higher-tax scenarios into their planning,” she said. “There is renewed uncertainty around the tax outlook, including the possibility of a reconciliation bill that could include tax changes, so companies are planning conservatively rather than assuming a lower-tax environment will persist.”
Taxes, tariffs and changing regulations weren’t the only areas of concern. The threat of cyber attacks is also on many executives’ minds, with 68% of respondents citing it as a moderate or severe risk. Geopolitical uncertainty and the ability to secure “reliable and cost-effective energy source” were each cited as key risks by about two-thirds of respondents.
Moreover, 65% of respondents said they lack the data needed to “assess geopolitical risks and opportunities,” the report stated.
And while many leaders in corporate America are betting big on the promise of artificial intelligence, the technology’s ultimate value still isn’t quite clear.
PwC’s report found that 38% of respondents are upping their investment in tech and AI, for instance. Horton said the survey shows that executives are increasingly using AI to “analyze data and support real-time decisions, which is why we say it’s becoming central.”
Still, 81% of respondents said they’re “at least a year away from seeing meaningful returns beyond efficiency,” according to the report.
