Survey examines the expected impact of higher tariffs and changes to immigration policy

Seventy percent of regional companies surveyed by the Cleveland Fed expect higher tariffs to hurt their businesses, but few reported that they have been hit hard by new immigration policies.

The latest SORCE Insights report details results from the survey, which was conducted from May 8 to 15 and included companies in the Cleveland Fed’s District.

More findings:

• By industry: Across major industries, most respondents said they expected higher tariffs to have a negative net impact on their businesses over the next six months. For manufacturing, that figure was 64 percent. However, manufacturers were most likely to expect a positive net impact (25 percent).
• Prices: Of those who said higher tariffs would affect their business positively or negatively, 62 percent said they are raising or planning to raise prices as a result.
• Immigration: The survey also asked if new immigration policies have impacted hiring or retention since the start of the year. 77 percent said they’ve had no impact. Most others said they’ve had a “small” or “moderate” impact.

Read the report: SORCE Insights: Expected Impacts of Higher Tariffs and Changes to Immigration Policy

More SORCE data: The Survey of Regional Conditions and Expectations