3 in 10 Companies Say Trump’s Tariffs Put Them at Risk of Going Out of Business

Resume.org surveyed 729 business leaders at companies that import goods or raw materials from Canada, Mexico, or China to understand the impact of Trump’s 2025 tariffs.

Major takeaways:

• 3 in 10 businesses say tariffs could put them out of business
• 51% of companies have made changes to their hiring plans due to tariffs
• 31% of companies expect tariffs to lead to layoffs
• 8 in 10 businesses say tariffs will force them to increase prices

3 in 10 Businesses Say Tariffs Put Them at Risk of Going Under

Thirty-one percent of companies say Trump’s tariffs put them at risk of going out of business. Among them, 13% say they are “definitely” at risk, while another 18% say they are “probably” at risk.

31% of companies say tariffs will lead to layoffs

More than half (51%) of companies say they have made changes to their hiring plans due to the tariffs. Of those, 41% have slowed hiring efforts, and 38% have implemented a hiring freeze.

Additionally, 31% of companies say they will likely need to lay off employees to manage costs. Many businesses are also taking alternative measures to offset financial pressure — 33% say they will reduce worker hours, while 43% say they will freeze raises.

Some industries expect more layoffs and hiring freezes in the near future than others. Computer software, banking and financial, and construction report the highest expected layoffs, with around 45% or more of companies in these sectors planning workforce reductions. Meanwhile, industries like government and healthcare & social assistance show high hiring freeze rates, suggesting hesitation in expanding their workforce. To ensure reliability, only industries with at least 20 respondents were included in the analysis.

8 in 10 Businesses Say Tariffs Will Force Them To Raise Prices

In response to rising costs, many companies are passing the burden onto consumers. Eighty-three percent of companies say tariffs will force them to raise prices, with 35% already increasing prices and another 48% planning to do so in the coming months.

Methodology: Using the Pollfish platform, Resume.org surveyed 729 business leaders in March 2025. To qualify, respondents had to meet specific demographic criteria and answer required screening questions. Contact [email protected] for more information.