Majority of companies that import goods brace for price hikes, cost-cutting measures, and reduced growth
SEATTLE, Dec. 23, 2024 /PRNewswire-PRWeb/ -- ResumeTemplates.com, the leading platform for free professional resume templates and examples, conducted a November 2024 survey revealing that 8 in 10 companies are preparing to raise prices if President-elect Donald Trump's proposed tariffs on goods imported from China, Mexico, and Canada are implemented. The survey gathered insights from 500 companies that import finished goods or raw materials from foreign countries, highlighting the potential impact of these tariffs on businesses and consumers.
According to the survey, 82% of companies say price hikes are likely if the proposed tariffs go into effect, with 41% reporting price increases are very likely. Among those expecting price hikes, 41% anticipate raising prices by 5% to 10%, while 22% expect increases of 11% to 15%. Additionally, 9 in 10 companies planning price hikes anticipate a decrease in customer demand.
In addition to raising prices, most companies plan to implement cost-cutting measures to offset tariffs. Of these, 28% report cost-cutting measures are very likely, and 43% say they are somewhat likely. Measures being considered include layoffs, salary cuts, hiring freezes, and reductions to employee benefits and bonuses. Already, 41% of companies have begun implementing such strategies.
"Anytime the economy is impacted, layoffs are one of the first ways companies cut costs quickly," says Julia Toothacre, ResumeTemplates' chief career strategist. "Knowing this, workers should always be somewhat ready to search for a job. It's important to stay proactive, update LinkedIn profiles, and strengthen professional networks to prepare for any unexpected changes."
The majority of respondents also expect that Trump's tariffs will hurt profit margins and reduce growth. To mitigate rising costs, 35% of companies are increasing imports ahead of Trump's inauguration.
This survey, conducted November 15, 2024, via Pollfish, gathered responses from 500 U.S. workers employed by companies that import goods and are knowledgeable about Trump's proposed tariffs.The full report can be viewed here: https://www.resumetemplates.com/8-in-10-companies-will-increase-prices-under-trumps-tariff-plan/
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