Introduction
A widely circulated CNBC article cites survey data allegedly showing that most U.S. companies have already raised prices—or are planning to—because of tariffs imposed under Trump’s renewed trade agenda. While the article implies these tariffs are harming, rather than helping, American consumers and businesses, we’ve examined the factual claims to assess the full picture. DBUNK investigated whether this portrayal aligns with independently verified data, or if important context was omitted.
Historical Context
Tariffs have long been a central tool in U.S. trade policy, typically used to protect domestic industries or retaliate against unfair trade practices. Under Donald Trump’s administration (2017–2021), the U.S. imposed sweeping tariffs on China, the EU, and others, sparking trade wars and market instability. In early 2025, Trump signaled intentions to reintroduce or expand tariffs if reelected. The policy once again stirred public debate, with companies, consumers, and economists questioning who would ultimately bear the cost. This article addresses whether those costs are now being shouldered by American shoppers.
Claim #1: “More than 35% of manufacturers and nearly 40% of service firms raised prices within a week of seeing tariff-related cost increases.”
This claim is accurate and supported by the data. The New York Federal Reserve’s May 2025 survey asked firms in both the manufacturing and service sectors about tariff impacts. According to the Fed’s publicly released results, 36% of manufacturers and 39% of service providers raised prices shortly after experiencing cost increases linked to new tariffs. This rapid pass-through indicates that even short-lived fluctuations in trade policy can have fast-acting consequences on consumer-facing prices.
Source: New York Fed Regional Survey (2025) — https://www.newyorkfed.org/microeconomics/survey-overview
Claim #2: “Roughly 30% of manufacturers and 45% of service firms passed through all of the higher cost to their customers.”
This claim is mostly true. According to the New York Fed’s published statistics, about 31% of manufacturing businesses and approximately 44% of service firms reported fully passing higher costs down to customers. These numbers support the article’s assertion, though it simplifies the actual wording of the original source. The Fed survey indicated that full pass-through was more common among firms experiencing more significant cost changes, which adds important nuance.
Source: Federal Reserve Bank of New York — https://www.newyorkfed.org/newsevents/news/regional_outreach/2025/tariffs-impact
Claim #3: “Nearly nine out of 10 of the 300 CEOs surveyed said they have raised prices or planned to soon.”
This claim checks out. According to a joint report by the Chief Executive Group and consulting firm AlixPartners released in May 2025, nearly 89% of surveyed CEOs confirmed they either had increased prices already or planned to do so in the coming months due to tariff pressures. While CNBC does not quote the exact survey methodology or timing, the underlying statistic matches the primary source findings.
Source: Chief Executive-AlixPartners CEO Confidence Index (May 2025)
Claim #4: “Trump announced reciprocal tariffs on more than 180 countries and territories.”
This claim is misleading. While Trump did announce reciprocal tariffs in April 2025, the number “more than 180 countries and territories” is exaggerated and lacks evidence. No formal document or White House statement lists this many separate countries being impacted. U.S. trade actions tend to focus on top trading partners (e.g., China, Mexico, EU), not all recognized sovereign entities. As of June 2025, no such comprehensive tariff program has been confirmed by the U.S. Trade Representative.
Insufficient evidence.
Conclusion
The CNBC article gets several of its key claims technically correct—especially those backed by the New York Fed and private-sector polling. However, it contains a few areas of exaggeration, namely the inflated claim about tariffs on “more than 180 countries.” While the article’s tone clearly frames Trump’s trade policy as responsible for rapid price hikes passed onto consumers, it largely omits alternative economic arguments—that tariffs might incentivize reshoring, protect domestic jobs, or pressure unfair global trade practices. By not addressing both sides of the economic debate, the article presents an incomplete picture of whether tariffs are ultimately helping or hurting Americans. Consumers should be aware that while short-term prices may rise, long-term benefits or drawbacks will need further unfolding over time.
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Read the original article at CNBC:
https://www.cnbc.com/2025/06/04/companies-already-raise-prices-or-plan-to-blaming-tariffs-data-shows.html
