Businesses Expect Higher Prices Amid Tariff Pressures

The U.S. Census Bureau’s biweekly survey of about 200,000 businesses reveals a sharp increase in expectations for higher costs and prices, especially among manufacturers, wholesalers, and retailers.

Since the implementation of broad tariffs under the Trump Administration, businesses are facing rising expenses for goods and services, with record-high percentages expecting to pay more, and consequently charge more to customers over the next six months.

 The most recent survey found:

• 68.4% of manufacturers report that they expect the prices they pay to increase over the next six months

• 64.3% of wholesalers report that they expect the prices they pay to increase over the next six months

• 63.8% of retailers report that they expect the prices they pay to increase over the next six months

All three results are record highs since the survey began in September 2023.

The same survey also found:

• 48.6% of manufacturers report that they expect the prices they charge to increase over the next six months

• 51.1% of wholesalers report that they expect the prices they charge to increase over the next six months

• 50.1% of retailers report that they expect the prices they charge to increase over the next six months.

This trend reflects real economic pressure from tariffs, which small businesses are struggling to absorb, prompting calls for tariff exclusions to protect them.

WY It Matters

Rising input costs and prices directly impact Wyoming businesses across all sectors, affecting profitability and consumer spending. For Wyoming’s energy, agriculture, and manufacturing industries, higher costs can reduce competitiveness and slow growth.

This situation highlights the critical need for policies that support free enterprise and minimize unnecessary regulatory burdens. Protecting small businesses from tariff-related cost shocks is essential to preserving local jobs, sustaining supply chains, and keeping goods affordable for Wyoming consumers. Without timely action, these rising costs risk slowing Wyoming’s economic momentum just when steady growth is most needed.