Tariffs cost global companies over $35 billion - But trade deals are softening the impact on the world economy
Global companies have signaled more than $35 billion in costs from U.S. tariffs as they head into third-quarter earnings reports. However, many are scaling back their initial negative forecasts as new trade deals have reduced exposure to tariffs imposed by President Donald Trump.
The trade war has pushed US tariffs to their highest levels since the 1930s, with the president repeatedly threatening more measures. But despite this initial uncertainty, which paralyzed many businesses, the situation is now becoming clearer, allowing executives to predict costs and make decisions, including price increases.
According to a Reuters analysis, companies have projected a financial impact of $21 billion to $22.9 billion for 2025, and nearly $15 billion for 2026. This total figure of over $35 billion is higher than the total reported in May ($34 billion), immediately after the imposition of tariffs that shook global supply chains.
However, the overall increase hides a significant difference: much of it comes from Toyota’s $9.5 billion forecast, while many other companies have cut their more pessimistic estimates after reaching agreements with the EU and Japan for lower tariffs. The data includes both annual and shorter-term estimates from an overlapping group of about 60 companies.
“Tariffs are becoming increasingly clear. We believe they will be just another variable in our business equation that we have to manage,” a Stellantis representative said as it announced a $13 billion investment in the U.S.
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