U.S. executives are shifting to long-term U.S.-focused strategies to deal with the volatility of the first months of the Trump administration, according to a new survey released Thursday by PricewaterhouseCoopers.
PwC’s May 2025 Pulse Survey polled a group of 678 U.S. executives, including CFOs, finance leaders, tax leaders, chief audit executives and others, about the impact of the first 100 days of the Trump administration.
It found that 48% of the business executives polled believe uncertainty will ease within a year — while others expect it to last longer, potentially through the next election. One-third (32%) of the executives surveyed expect more opportunities in the next year, and they’re already taking action to manage risk and adapt strategy.
The top three drivers influencing short-term strategy shifts are: U.S. economic policy (48%), AI and data regulation (44%) and trade and tariff policy (41%).
Their key areas of focus include implementing cost reductions, with 62% of the survey respondents taking initial steps or beyond. Other areas of focus include adjusting financial forecasts and budgets (59%) and diversifying suppliers (58%).
Artificial intelligence/data regulation ranks among the top three pressures for 44% of all executives (and it was especially high for executives in the technology, media and telecom sector at 53%).
Despite policy uncertainty and ongoing volatility, on average, 53% of companies have moved beyond the planning phase on key actions such as cost reduction, budget adjustments and supplier diversification. Nevertheless, 57% of executives say they’re missing opportunities because they can’t make decisions fast enough.
“Business leaders aren’t waiting for perfect clarity,” said PwC US chief commercial officer Kathryn Kaminsky in a statement. “Even amid ongoing volatility, they’re taking clear, deliberate steps to adapt and build resilience. We’re seeing executives move quickly — balancing speed with long-term thinking. It’s not just about managing uncertainty, but about emerging stronger and ready to grow.”
Only a third (33%) of the respondents cited corporate tax policy as a top three factor causing them to rethink their organization’s short-term strategy. Approximately half (51%) of the executives polled are pursuing M&A activity and 48% are modifying their company’s tax structure
The inclusion of R&D expensing in the current tax bill that was passed by the House last week reflects themes from President Trump’s 2024 presidential campaign, and the legislation had been widely anticipated. The bill also includes a modified, permanent extension of key provisions from the Tax Cuts and Jobs Act of 2017, along with new tax incentives for both individuals and businesses. Senate action on the bill is expected in June, the report noted. It recommended techniques like tariff engineering and transfer pricing working together to lower both duty and tax exposure across global operations.
