Companies are increasingly passing the cost of President Donald Trump’s tariffs on to consumers and plan to keep raising prices, a KPMG survey released Monday suggests, underscoring how consumers have shouldered the burden of Trump’s tariffs as the president promises to impose more—though it remains unclear how the Supreme Court striking down some tariffs as unlawful will impact companies’ plans.
President Donald Trump speaks during an event to announce new tariffs in the Rose Garden at the White House on April 2, 2025, in Washington.
34% of major companies are now passing the majority of their tariff-related costs on to consumers, according to KPMG’s survey of 300 C-Suite executives at companies earning more than $1 billion in revenue annually.
That’s up from 21% of companies that passed along the majority of their costs in September 2025, and 13% passing costs along in May 2025, shortly after Trump announced his sweeping tariff policy.
More than half of the business leaders surveyed—55%—said their companies will further increase prices by at least 15% in the next six months.
