The Federal Reserve Bank of Cleveland has released the findings from its February survey, which examined the potential impact of tariffs on businesses within its district. The study, titled “SORCE Insights: An Initial Look at the Anticipated Impact of Tariffs on Fourth District Businesses,” is part of the Survey of Regional Conditions and Expectations (SORCE).
According to the report, 64 percent of the companies surveyed indicated that tariffs would have repercussions on their operations. In contrast, 12 percent of respondents believed their businesses would remain unaffected, and 24 percent were uncertain of the impact.
Businesses were also questioned about their strategies in anticipation of tariff impositions on imports. The most frequent actions reported were “Passing anticipated cost increases through to customers” at 46 percent, followed by “Finding new domestic supplier(s)” at 29 percent, and “Moving up purchases ahead of potential tariffs” at 27 percent.
The report features various charts, including industry-specific breakdowns, to provide a comprehensive understanding of the business sentiment regarding tariffs within the district.
The Cleveland Fed operates as one of the 12 regional Reserve Banks in the Federal Reserve System. It offers numerous services ranging from monetary policy formulation to supervision of banking organizations and supporting community well-being through research, outreach, and education. The Cleveland Fed covers Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia, with branches located in Cincinnati and Pittsburgh.
Chuck Soder can be contacted for further information at chuck.soder@clev.frb.org or via phone at 216.672.2798.
