A third of CEOs plan to axe jobs over the next year—and a majority now say they’ll pass on new tariff costs to their customers

A young, anxious businessman with his head in his hands, sitting outside his building (Credit: Jackyenjoyphotography/Getty Images)

• CEO confidence has rebounded in Q3, with recession fears easing sharply—but hiring plans remain muted as firms brace for Trump’s tariffs and focus on cost cuts. A record share now plan workforce reductions, and 93% are turning to AI or automation to offset rising costs, while most expect to pass price hikes on to consumers.

American CEOs are feeling slightly more confident as they enter the second half of 2025—but not optimistic enough to grow their headcount as they worry about headwinds from President Trump’s tariff plans.