In a recent survey conducted by PwC, a significant majority of American business leaders anticipate that U.S. tariffs will continue to be high for years, extending beyond the Donald Trump era.
Kristin Bohl, a customs and international trade partner at PwC, believes that elevated tariffs are unlikely to be reduced, reported MarketWatch on Monday. She said Trump’s initial tariffs faced backlash, with companies warning about potential inflation and economic impact. However, she reminded, the “Biden administration came in and did not remove them.”
Bohl noted that tariffs were expanded under Biden and have been increased even further in Trump’s second term.
“So we’ve seen tariffs be put in place and endure throughout three separate, albeit two mirroring, administrations,” Bohl said.
Bohl’s comments are corroborated by a recent PwC survey, which showed that approximately 86% of U.S. executives believe import taxes will continue to be a significant aspect of the country’s economic framework.
PwC’s Rohit Kumar said global markets will likely adapt to Trump-era tariffs by 2029, making them the new norm. Kumar also noted that it will be difficult to terminate tariffs when they’re generating substantial revenue for the federal government.
This is particularly relevant given that the …
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