A new Cleveland Federal Reserve Bank survey of businesses in its district, including Columbus, found that officials at most companies believe President Trump's tariffs would cause prices to increase for their products.
The Survey of Regional Conditions and Expectations report released Tuesday said almost two-thirds of the companies say that tariffs would affect their businesses. Twelve percent said they wouldn't, while about a quarter say that they were unsure. The report said 125 companies responded to that question.
Of those who reported that tariffs would affect their businesses, 75% said that they would increase prices.
Almost half said they were passing anticipated cost increases along to customers.
Sixty percent expected demand to decrease. However, 75% expected no impact on employment.
Most of the businesses that say the tariffs would affect them are in the retail, manufacturing, construction and real estate sectors. Of retailers surveyed, 82% said tariffs would impact them. For manufacturers, it was 75%. For construction and real estate, it was 70%.
The bank's district includes all of Ohio, plus eastern Kentucky, western Pennsylvania and northern West Virginia.
