Tariffs "burden" global companies - Corporations have lost over 34 billion USD due to high costs
President Donald Trump's trade war has cost companies more than $34 billion in lost sales and higher costs, according to a Reuters analysis of corporate filings. That cost is expected to rise as ongoing uncertainty over tariffs paralyzes decision-making at some of the world's largest companies.
In the United States, Asia and Europe, companies including Apple, Ford, Porsche and Sony have withdrawn or cut their profit forecasts. The vast majority say the erratic nature of Trump's trade policies has made it impossible to accurately assess the costs. Reuters reviewed company statements, regulatory filings and conference call transcripts to compile a picture of the cost of the tariffs so far for global businesses.
Economists say the cost to businesses is likely to be many times greater than what companies have disclosed so far.
"You could double or triple your figure and we would still hesitate... the number is destined to be much larger than most people realize," says a Yale professor.
The ripple effects could be worse, he added, citing the potential for lower spending by consumers and businesses and expectations for higher inflation.
The recent pause in trade hostilities between China and the US has provided some relief and Trump has backed off from tariff threats against Europe, but it is still unclear what the final trade deals will look like. In this environment, strategists say companies will look to strengthen supply chains and boost sales efforts in markets close to them, raising costs as a result.
Corporations themselves are uncertain about the ultimate cost. As their earnings season winds down, Reuters found that at least 42 companies have cut their forecasts and 16 have withdrawn or suspended them.
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