"Business leaders told KPMG-and its recently anointed chair and CEO, Timothy Walsh-that they're wrestling with uncertainty across several different areas of their work. This is well documented and is to be expected, Walsh told Fortune in an interview. "There's this general, as you would expect, general conversation around business uncertainty," Walsh said, adding that he was encouraged at least to see the "alignment" in terms of topics coming up in C-suite conversations."
"Peeling back the survey data, Walsh revealed that an unsurprisingly sizable majority (89%) say tariffs will "significantly impact" their business' performance and operations over the coming three years. And nearly as many, 86%, said their firm will increase prices as needed. They are working hard to get around this, with 85% saying their company will strive to shift its sourcing strategies to minimize the impact as much as possible."
"Walsh talked to Fortune about uncertainty on tariffs and AI, and the importance of trust in a climate of such uncertainty. CEOs are concerned with another advancing technology with terrifying capabilities, Walsh said: cyber and quantum. "That honestly keeps me up at night." Cybersecurity's quantum challenge Cybersecurity risks remain elevated, especially as quantum computing approaches. As for advances in quantum computing, Walsh said it could one day soon be capable of breaking all encryption, and companies"
KPMG's CEO Outlook survey polled 400 CEOs in 2025. CEOs reported widespread uncertainty across multiple business areas. Eighty-nine percent expect tariffs to significantly impact performance and operations over the next three years. Eighty-six percent indicated plans to raise prices as needed, and 85% plan to shift sourcing strategies to reduce tariff exposure. Seventy-nine percent have adapted growth plans in response to the uncertain landscape. CEOs also expressed concern about AI and escalating cyber risks, including the potential for quantum computing to undermine current encryption. Trust emerged as a critical factor amid these uncertainties.
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