Big businesses planning to pass tariff costs to customers, survey shows

How it works: PwC surveyed 678 executives, mostly C-suite leaders or board members, between May 1 and May 8 at U.S. public and private companies with $2 billion or more in annual revenue.

The big picture: The on-again, off-again whipsaw of President Trump's tariff policy has left businesses no choice but to plan for a world where they have little clarity on what's coming.

• As the survey data makes clear, in the face of that uncertainty, many are opting to prepare for the worst.

By the numbers: More than half said their actions in response to tariffs have already advanced beyond the planning stages.

• 62% said they've taken at least initial steps to cut costs, 65% are renegotiating prices with suppliers and 60% say they will pass their higher costs onto customers.
• Some 83% also say they're taking on a more U.S.-focused strategy for their business.

Between the lines: That finding tracks with an HSBC survey of smaller U.S. businesses (less than $2 billion in revenue), out Wednesday.

• More than 70% of respondents to that survey said they were also looking at more reliance on domestic markets.

What to watch: What happens now that a court has blocked most of the tariffs, a ruling the administration has already moved to appeal.