Donald Trump · U.S. · Supreme Court · Fortune Technology
Tariffs are the new normal, and now most CEOs expect the import taxes to outlast the Trump administration, PwC report finds
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Ancient Greek philosopher Heraclitus was credited for saying, “Change is the only constant,” and about 2,500 years later, American CEOs are heeding his wisdom.
Key facts
- The Congressional Budget Office projected before the Supreme Court decision that the federal government would bring in more than $4 trillion in revenue from custom duties over the next 10 years
- Following the ruling, Trump imposed a 15% global tariff under Section 122 of the 1974 Trade Act, which authorizes a temporary, 150-day tariff without congressional approval
- Tariffs imposed under Section 301 of the act, which Trump invoked under his first administration in 2018, are also still in effect
- Ancient Greek philosopher Heraclitus was credited for saying, “Change is the only constant,” and about 2,500 years later, American CEOs are heeding his wisdom
Summary
Executives are accepting tariffs as the new normal and are preparing to weather the levies even after President Donald Trump leaves office, according to a report published on Monday from consultancy PwC. “CEOs aren’t planning around short-term tariffs anymore,” Kristin Bohl, PwC U.S. principal in its customs and international trade practice, told Fortune. Despite the Supreme Court striking down tariffs Trump imposed under the International Emergency Economic Powers Act (IEEPA), uncertainty has remained around the future of U.S. import taxes. Following the ruling, Trump imposed a 15% global tariff under Section 122 of the 1974 Trade Act, which authorizes a temporary, 150-day tariff without congressional approval.