Commentary

Report: Most CEOs Believe Tariffs Will Hurt U.S. Economy

 

 

85% of CEOs believe U.S. tariffs will hurt American business, while nearly 62% believe the direction of the country is on the “wrong track,” according to new research from Stagwell research firm National Research Group.  

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That said, CEOs as a group are more confident in the current state of the economy than the American public. Nearly three-fourths of CEO’s express confidence in the economy while only 41% of the public believes the economy is on the right track.  

Other findings from the study:  

  • CEOs support AI as a transformative force: Nearly all CEOs (85%) see AI as entering a healthy growth phase rather than a bubble, with generative AI viewed as the most transformative technology of 2026. 78% of CEOs maintain they are bullish on AI's impact on workplace efficiency and innovation. 

  • Inflation, debt, and jobs dominate CEO agendas: Financial stability is the top policy focus for 2026, with managing inflation (61%), reducing debt (47%), and job creation (33%) marked as top policy priorities. 

  • Policy and political concerns weigh on CEO confidence: Regulatory and policy shifts (66%) and trade restrictions (60%), are expected to have the greatest impact on business. Nearly half (46%) are pessimistic about political leaders' stability and predictability.  

See more from the study here.   

NRG polled 100 U.S.-based CEOs leading organizations with 10,000 or more employees. The sample reflects a mix of CEO tenures, cross-industry representation, and B2B and B2C companies. The survey was fielded online between October 21 and November 10, 2025. 

 

 

 

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