Discussion Paper
The Impact of Tariffs on Our Region's Firms
Abstract: Given recent changes in U.S. tariff policy, we asked Fifth District firms how they expected to be affected by tariff policy in March. At the time, 80 percent of respondent businesses expected to be impacted. In our May surveys, we checked in with firms and found that 72 percent of respondents made business changes in response to tariffs on imports. Firms reported taking a variety of actions. Of the firms that reported making adjustments, most have or plan to increase prices, 47 percent have canceled or delayed capital expenditures, and 41 percent have adjusted hiring plans.
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https://www.richmondfed.org/region_communities/regional_data_analysis/regional_matters/2025/impact_of_tariffs_on_regions_firms
Description: Discussion Paper
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Bibliographic Information
Provider: Federal Reserve Bank of Richmond
Part of Series: Regional Matters
Publication Date: 2025-06-03