Global companies have reported more than $35 billion in costs due to U.S. tariffs, according to a Reuters analysis of corporate statements and earnings calls. This sizable financial hit stems directly from the trade war launched by the Trump administration, which has imposed the highest U.S. tariffs since the 1930s. Although the price tag is steep, the uncertainty that has paralyzed many businesses is beginning to lift, allowing executives to forecast costs, make informed plans and, in some cases, implement price hikes.
The analysis examined hundreds of corporate statements, regulatory filings and earnings calls between July 16 and September 30. It found that companies expect a combined financial impact of $21.0 billion to $22.9 billion for 2025 and nearly $15 billion for 2026. The total of over $35 billion is comparable to the $34 billion reported in May, shortly after the introduction of Trump’s “Liberation Day” tariffs in April, which disrupted global supply chains.
A closer look reveals a notable shift in the numbers. The increase is largely driven by Toyota’s estimate of $9.5 billion, while many other firms have revised their earlier worst‑case forecasts downward after Trump’s trade deals with the EU and Japan. French spirits makers Rémy Cointreau and Pernod Ricard, for example, lowered their tariff‑related cost estimates following the EU deal, as did Sony, which cut its forecast in August. Trump has also carved out exceptions, limiting tariffs to about a third of Brazil’s exports at 50 %.
The fluid nature of the trade environment is evident in Trump’s recent comments. He floated the idea of additional 100 % tariffs on China, then retracted the proposal, calling it unsustainable and blaming Beijing for the latest tensions. The impact of the tariffs is unevenly distributed. Companies that rely heavily on countries without trade agreements bear the brunt. Nike, which sources supplies from Vietnam and other Asian nations, raised its tariff impact estimate to $1.5 billion from $1 billion. In contrast, European firms such as Tefal kitchen‑ware maker SEB have cut profit outlooks due to weaker demand, partly attributed to tariffs. Similarly, H&M warned that U.S. tariffs on imports will weigh more heavily on margins in the upcoming quarter.
As the third‑quarter earnings season approaches, S&P 500 companies are projected to show an earnings growth rate of 9.3 %, down from 13.8 % in the previous quarter, according to LSEG data. Ongoing trade tensions and associated tariffs are likely to continue influencing corporate earnings and strategic planning, underscoring the need for companies to adapt to the evolving trade landscape.
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