The economic effects of President Donald Trump’s punitive tariffs on U.S. imports are becoming increasingly clear, with 43% of companies saying they are raising customer prices while 38% are simultaneously cutting capital expenditures, according to accountancy firm BDO's 2025 Tax Strategist Survey, which was conducted in May, when most tariffs had not yet even come into effect.

The firm says the survey shows that tariffs are creating a “challenging dynamic for business growth.”

Some 41%  of respondents cited Customs and trade rules, including changes to U.S. trade and tariff policy, as among their “top challenges.”

While myriad changes in U.S. tariffs stemming from the America First Trade Policy have impacted tax strategies throughout the first half of the year, tax leaders expect that tariffs will have the greatest impact on their total tax liability in the coming months, BDO’s report on the survey, released August 11, said. The new tariffs have prompted renewed conversations around sourcing strategies, with many companies looking to diversify sources of supply. Businesses are also pursuing a variety of approaches to mitigate the impact of tariffs, including duty drawback, first sale, transfer pricing adjustments, pricing model changes, and tariff code reviews, the accountancy firm said.

The 2025 BDO Tax Strategist Survey polled 300 senior tax leaders at companies with revenues ranging from $250 million to $3 billion in May 2025. The survey was conducted by Rabin Roberts Research, an independent market research firm. All respondents in the survey indicated they oversee and are heavily involved in the day-to-day tax operations at their organizations.