Will US companies raise prices due to tariffs? Here’s what a new poll found

Most American companies — and many firms around the globe — plan on passing the costs of President Donald Trump’s wide-ranging tariffs onto consumers, according to new research.

In an Allianz Trade survey released May 20, 54% of U.S. companies said they will increase prices due to higher tariff rates, while just 15% plan to absorb increased costs.

Globally, more than one-third of firms, 38%, intend to increase prices, compared to the 22% that will incur any new costs.

The survey from the financial risk firm sampled about 4,500 companies across nine countries — including the U.S., China, France and Spain — between March and April.

Much like the U.S., a large share of Chinese companies, 45%, plan to raise prices on consumers as a result of new tariffs.

These findings indicate that China and the U.S. — which have imposed uniquely burdensome tariffs on one another — could be “particularly proactive in adjusting their pricing strategies in response to higher tariffs,” Allianz Trade said.

By comparison, smaller shares of companies in other surveyed countries plan on raising prices.

For example, 35% of Italian companies, 32% of German companies and 30% of French companies said they will boost prices due to higher tariffs.

However, not all industries share the same game plan when it comes to tariffs.

Across all companies surveyed, those in energy (66%), textiles (50%), machinery (45%) and wood products (50%) said they intend to raise prices, outpacing the overall average of 38%.

In contrast, upwards of 60% of companies in the electrical equipment and agriculture industries said higher tariffs will not impact their price models.

The survey comes more than one month after Trump unveiled his April 2 “Liberation Day” tariffs, which included a baseline 10% levy on all imports to the U.S. and higher “reciprocal” rates on dozens of countries.

One week later — after “more than 75 countries” approached the Trump administration to negotiate — the president instituted a 90-day pause on all reciprocal tariffs, while maintaining the lower 10% rate.

At the same time, he increased the tariff rate on China to 125%.

But, in May, after China raised its own rates on the U.S., both countries agreed to slash their rates for 90 days. The U.S. now imposes a 30% duty on Chinese imports, and China maintains a 10% duty on U.S. imports.

As a result of tariff increases, some U.S. firms, including Walmart, have already raised prices, according to CNBC.

Walmart, one of the largest companies in the country, is “wired for everyday low prices,” CFO John David Rainey told the outlet. “But the magnitude of these increases is more than any retailer can absorb.”

This story was originally published May 20, 2025 at 2:31 PM with the headline "Will US companies raise prices due to tariffs? Here’s what a new poll found."