“Uncertainty and trade policy were clearly on the minds of CFOs in the first quarter CFO Survey,” said Sonya Ravindranath Waddell, vice president and economist with the Federal Reserve Bank of Richmond. “Not only did almost one-third of respondents report concerns about tariffs, but those respondents had notably lower optimism, lower expectations for GDP growth, lower expectations for revenue and employment growth, and higher expectations for price growth in 2025.”
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How Are Tariffs Impacting Firms?
In the most recent CFO Survey, 53 percent of respondents reported sourcing some or most of their inputs/supplies for their firm’s U.S. operations from Mexico, Canada, and/or China. We examine how the expectations of firms that source their inputs from these three countries differ from those that do not, and whether the degree of reliance on these countries coincides with differences in firms’ economic outlook and growth expectations.
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