The Federal Reserve Bank of Cleveland published a SORCE Insights report summarizing a survey of companies in its District on the expected effects of higher tariffs and changes to immigration policy. Seventy percent of respondents expect higher tariffs to have a negative net impact on their businesses over the next six months, while few reported being hit hard by new immigration policies. Across major industries, most respondents anticipated a negative net impact from higher tariffs, including 64% of manufacturers, although manufacturers were also the most likely to expect a positive net impact (25%). Among firms that said higher tariffs would affect their business either positively or negatively, 62% reported raising or planning to raise prices as a result. On immigration, 77% said new immigration policies have had no impact on hiring or retention since the start of the year, and most of the remainder reported only a small or moderate impact.
Federal Reserve Bank of Cleveland 2025-06-26
Federal Reserve Bank of Cleveland survey finds 70% of regional firms expect higher tariffs to hurt business and 77% report no immigration-policy hiring impact
The Federal Reserve Bank of Cleveland's SORCE Insights report reveals that 70% of surveyed companies in its District foresee a negative impact from higher tariffs over the next six months, with 62% planning price increases. Conversely, 77% of respondents report no impact from new immigration policies on hiring or retention.