One Month In: The Business Impact of Trump’s New Tariffs (May 2025)

One Month In: The Business Impact of Trump’s New Tariffs: May 2025 

One month after the administration’s April 2025 tariff announcement, U.S. businesses are beginning to feel measurable strain. The Endeavor Business Intelligence Pulse Survey captures how companies across industries are navigating early disruptions, from rising costs to supply chain instability.

The data shows that most organizations are already experiencing some operational or financial impact, particularly in manufacturing, automotive, and construction. Nearly one in five companies report that more than half of their spending is now affected by tariffs, while cost increases — most commonly in the 1–10% range — are becoming widespread.

Despite growing pressure, most businesses remain cautious in their response. Most are either holding off on major strategy shifts or making limited adjustments such as modest price increases. The survey highlights a business environment defined by uncertainty, where leaders are balancing short-term cost containment with long-term risk assessment.

In this report, you’ll learn:

• How quickly businesses began to feel the effects of the new tariffs, and which sectors are most exposed 
• The scale of operational and financial impacts reported in the first month of implementation 
• Why most companies are taking a measured, “wait-and-see” approach to strategic response 
• Which cost control and pricing strategies are emerging as early adaptation measures