Greek philosopher Heraclitus is credited with saying, “Change is the only constant,” and some 2,500 years later, American CEOs are following his wisdom.
Executives are accepting the tariffs as the new normal and preparing to face the charges even after President Donald Trump leaves office, according to a report published by consultancy PwC. In a survey of 633 U.S. executives last month, PwC found that 86% treat fees as an ongoing planning premise.
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“CEOs are no longer planning around short-term tariffs,” Kristin Bohl, PwC’s U.S. director for customs and international trade, told Fortune. “They are treating the tariffs as part of the new normal of doing business, with the expectation that they will remain in place for years.”
Although the United States Supreme Court struck down tariffs imposed by Trump under the International Emergency Economic Powers Act (IEEPA), uncertainty surrounding the future of US import taxes remains.
Following the ruling, Trump imposed a 15% global tariff under Section 122 of the Trade Act of 1974, which authorizes a temporary 150-day tariff without congressional approval. These charges would expire on July 24. Tariffs imposed under Section 301 of the law, which Trump triggered in his first administration in 2018, also remain in effect.
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The Congressional Budget Office projected before the Supreme Court ruling that the federal government would collect more than $4 trillion in revenue from customs duties over the next 10 years.
As companies deal with ongoing challenges in supply chains—exacerbated by the war in Iran—they must also face the decision of whether or not to seek refunds for fees paid under IEEPA.
Because the Supreme Court did not detail how refunds would be determined, the United States Court of International Trade and US Customs and Border Protection (CBP) were tasked with implementing the refund process.
The first phase of CBP’s automated online payments system is expected to begin this week, and refunds are expected to take about 45 days to be distributed after that, according to the agency.
PwC suggested that the companies most effective in dealing with tariffs are those that accept the reality that they are likely to keep changing.
“Our advice is simple: act now,” Bohl said. “Build tariffs into pricing, supply chains and operating models, and maintain flexibility. The companies that will come out ahead will be those that actively reduce tariff exposure and utilize mitigation strategies.”
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Companies feeling the pressure
Even with the possibility of relief through refunds, many companies have had to make difficult decisions to navigate the changing business environment.
Lamborghini, for example, posted record deliveries last quarter but reported falling profitability, in part because tariffs pressured operating margins.
CEO Stephan Winkelmann told Fortune in March that he expected sales to remain strong amid a “new normal,” with customers better understanding the tariff landscape.
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A KPMG survey in February found that Lamborghini is not alone in dealing with tighter margins. The consultancy reported that more than half of US companies also faced similar pressure, and 70% said they had postponed important investments as a result of the tariffs.
Dealing with the uncertainty surrounding refunds has also forced companies to assess their risk tolerance, especially when many need immediate cash.
Some importers have turned to hedge funds and settlement specialists, selling the rights to their tariff refund claims for a fraction of the value.
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The advantage is that you no longer have to wonder when refunds will be paid or whether you will receive less than the amount claimed.
Others choose to retain rights to the claims but use them as collateral for loans. This strategy allows U.S. companies to receive a capital injection while still being able to profit from refunds when they become available.
There are risks too: the government may only grant a partial refund or reject a company’s request. And if payments are delayed, the interest on a loan can exceed the value of the repayment itself.
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Alex Hennick, president and CEO of AD Hennick and Associates, which specializes in recovering distressed assets, said that as companies continue to face hurdles related to tariffs, they will have to weigh these difficult decisions.
“It’s getting to the point where some people may not have a choice,” he told Fortune. “They will have to sell their rights or borrow money to obtain resources and continue operating their businesses.”
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