After the first 100 days of the Trump administration, PwC surveyed U.S. business leaders to see how they’re responding to new policies, economic shifts and global trade challenges.
The resulting Pulse Survey reveals what executives are doing now and what they’re planning next.
Key takeaways:
• Nearly half (48%) of business executives think uncertainty will subside within a year. But a similar share expect it to persist longer, potentially through the next election.
• On average, more than half of executives (53%) say their companies have moved beyond the planning stage on key actions.
• One-third (32%) expect to see more opportunities over the next 12 months, even as 23% anticipate greater challenges.
• More than half (57%) agree or strongly agree they’re missing opportunities because decision-making is too slow.
• Executives rank U.S. economic policy the No. 1 driver causing them to rethink short-term strategy (48% rank it in the Top 3), followed by AI and data regulation (44%), and trade/tariff policy (41%).
• The Top 3 areas companies are focused on are cost reductions (62% taking initial steps or beyond), adjusting financial forecasts and budgets (59% taking initial steps or beyond), and diversifying suppliers (58% taking initial steps or beyond).
• Just over half (51%) are pursuing M&A, signaling that some see this volatility as an opportunity to reposition. And 48% are modifying tax structures, indicating a focus on long-term optimization even in the face of near-term policy uncertainty.
• Two thirds (65%) of business executives say they’re renegotiating pricing with suppliers, and 60% are passing tariff-related costs on to customers or have plans to do so. Nearly half (48%) are exploring or implementing onshoring strategies, and 76% say they're reconsidering their China presence as part of a longer-term strategy.
• More than eight in 10 (83%) say they’re adopting a more long-term U.S.-focused business strategy. • 81% of consumer markets (CM) executives cite tariff policies as a moderate or serious risk, higher than the 73% for all respondents.
• In response, 60% of CM executives say they’re stockpiling key materials. a move that helps offset near-term costs but strains warehousing and logistics.
• Energy and resources (EUR) executives are the most likely to cite climate policy as a Top 3 factor causing them to shift short-term strategy (44% compared to 31% for all respondents).
• Nearly three-quarters (72%) say securing reliable and cost-effective energy sources is a moderate or serious risk (compared to 65% overall).
• About half (49%) of financial services (FS) executives rank U.S. economic policy among their Top 3 reasons to re-examine their corporate strategy for the next 1-2 years.
• More than three-quarters (77%) of FS executives cite margin pressure affecting earnings as a moderate or serious risk, and 64% are adjusting financial forecasts and budgets.
• More than six in 10 (62%) of industrial products (IP) executives say they’ve taken action (either initial steps or beyond) to diversify their supplier base.
• Over half (58%) are assessing tariff impacts (compared to 54% overall) and 43% are renegotiating supplier pricing (compared to 37% overall)
• More than half (53%) of technology, media and telecom (TMT) executives rank AI and data regulation as a Top 3 driver of near-term strategy shifts, compared to 44% of executives overall.
• In response to the current tariff and trade environment, 40% of TMT executives say they’ve taken action to increase sourcing from U.S. suppliers.
