In March and April 2025, Boston Consulting Group surveyed approximately 150 U.S. institutional investors on their outlook for the domestic economy.
In the ensuing report (PDF), BCG reported most investors expect President Trump’s tariff policy to have negative impacts, including higher consumer prices, weaker corporate earnings, declines in stock market performance, and slower growth in gross domestic product. Conversely, many foresee benefits such as increased government revenue and lower interest rates.
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According to the survey, investors now expect negative impacts from tariffs to all economic sectors. Manufacturing sectors depend heavily on global supply chains, so higher input costs and retaliatory tariffs could weaken the competitiveness of U.S.-made products and pressure overall performance.
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Sixty-seven percent of surveyed investors are holding more cash, suggesting they anticipate increased market volatility or a downturn.
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Moreover, investors identify revenue growth and protection as the top priorities for management, while emphasizing the rising importance of financial stability and supply chain resilience.