4/13/26 — As CAPE Nears Completion, Polls Emerge on the Impact of Tariff Policy

With CBP's CAPE refund portal set to go live on April 20, two new surveys published this week offer a snapshot of how the business world is thinking about tariffs and the road ahead.

PwC surveyed 633 U.S. executives and found that 86% now treat tariffs as a permanent planning assumption — a sharp shift from just a few years ago, when most expected trade barriers to come and go with administrations. After bipartisan continuity on tariff policy across both the Biden and Trump presidencies, executives have largely stopped waiting for relief and have built duties into their operating models. Notably, 90% said their company is in a stronger position than two years ago, though PwC cautioned that most firms are pursuing similar strategies around AI, risk management, and supply chain diversification.

Separately, the CNBC CFO Council quarterly survey polled 25 CFOs at major U.S. companies on whether they expect to pass IEEPA refunds along to consumers. None said they would. Twelve plan to apply for refunds, six said they would not pass any portion downstream, and seven were undecided. Moody's chief economist Mark Zandi characterized the results as expected, noting that companies absorbed significant costs during the tariff period and view potential refunds as recovery of those losses.

As CAPE's first phase rolls out next week for straightforward entry types, importers should be organizing documentation and preparing to file. The broader policy environment — and these survey results — underscore why pursuing refunds promptly remains important.