Consequences of Trump's tariffs in the US Some industries face lingering effects a year later
A year after President Donald Trump declared "liberation day" and imposed sweeping tariffs on imports, setting off a wave of economic and political uncertainty, some companies are still feeling the effects.
While some industries have emerged largely unscathed, having weathered the tariff changes, others, such as retail, automotive, consumer packaged goods and pharmaceuticals, are facing a new reality in global supply chains.
According to analysts, executives at U.S. corporations had to really think about where we buy from versus whether we can import or not. About 80% to 85% of costs were absorbed domestically, meaning either U.S. corporations had to bear the brunt, or pass it on to customers, or a mix of both.”
On April 2, 2025, in the White House Rose Garden, Trump announced sweeping country-by-country tariffs, as well as a 10% base tax on countries not specifically listed in that statement. These tariff policies fluctuated widely in the months that followed, as Trump made deals and waived some of the most extreme obligations.
With trade and tariff policies constantly changing, companies were forced to be more flexible and diversify their supply chains over the past year. Moving operations from countries such as China, Vietnam or Mexico meant saving on import costs, but for many industries, this was a difficult task.
According to analysts, customers in the early months made "aggressive" changes to overcome tariff costs, but because these policies continued to change, companies began to move more slowly and invest resources in modeling scenarios.
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