Execs adjust to volatility in second Trump administration

U.S. executives are gradually finding their footing 15 months into the second Trump administration, according to a new survey from PricewaterhouseCoopers, although it hasn’t been easy.

Processing Content

The survey, released Monday by PwC, found executives are now largely positive about how their companies have responded over the past 15 months, with 90% of the 633 U.S. executives polled last month saying their company is in a stronger position than two years ago. 

That’s a sharp turnaround from May 2025, when 57% of the survey respondents said they were missing opportunities because they couldn’t make decisions fast enough. Today, the executives who responded to the survey appear to have found their footing and are moving with more confidence. The survey found the executives are still focusing on the same risks and taking similar actions. 

“When every company is making the same moves — investing in AI, strengthening risk management, and adjusting trade strategy — those actions stop differentiating and become the cost of competing,” said Michelle Horton, principal and America in motion leader at PwC US, in a statement. “Too many organizations are mistaking table stakes for advantage. The question isn’t whether you’re acting — it’s whether you’re executing better and differently enough to pull ahead.”  

Approximately two-thirds of the survey respondents indicated they’re either ahead or significantly ahead of competitors in areas such as operational efficiency (73%), speed of decision-making and execution (67%), and supply-chain resilience (66%). 

Since last year, executives have taken various actions, such as increasing their technology and AI investment (38%), increasing their proactive risk management (36%), and adjusting their trade strategy (35%). Overall, they report taking an average of nearly four (3.7) strategic actions during that period. 

As volatility has increased around the world, 65% of the respondents indicated they lack the data they need to assess geopolitical risks and opportunities. Artificial intelligence is becoming central to decision-making, but its value is still emerging, with 81% of the respondents saying they’re at least a year away from seeing meaningful returns from AI beyond efficiency.

Many companies are starting to treat volatility as a permanent feature of the landscape. That shift is also showing up in long-term planning, with 87% expecting U.S. fiscal pressures to push business taxes higher, and they’re planning for that to happen.