Trump’s Trade War Costs Global Businesses $34 Billion in Losses
The trade wars initiated by former U.S. President Donald Trump have cost global corporations more than $34 billion due to rising costs and declining sales, according to a recent analysis by Reuters. The findings were based on corporate financial reports, regulatory documents, and press briefings.
Growing Losses Amid Tariff Uncertainty
Reuters warns that financial losses will continue to escalate as uncertainty over Trump’s import tariffs has paralyzed decision-making in many of the world’s largest corporations.
Companies remain unsure about the full scope of the costs. So far, 42 major corporations have lowered their earnings forecasts, while another 16—including Apple, Ford, Porsche, and Sony—have either withdrawn their forecasts or delayed their release entirely.
Most firms agree on one point: Trump’s unpredictable trade policies make it nearly impossible to accurately estimate business expenses.
Experts Warn of Even Greater Economic Impact
Economists believe the real impact could be significantly worse than currently reported.
“You could double or triple the reported numbers, and we would still say the true scale of the damage is far greater than most people realize,” said Jeffrey Sonnenfeld, a professor at the Yale School of Management. He added that the long-term consequences may include decreased corporate and consumer spending, along with rising inflation expectations.
U.S. Court Blocks Tariffs, Then Reinstates Them
On May 28, the U.S. Court of International Trade temporarily blocked Trump’s decision to impose tariffs on imports, citing presidential overreach. This included retaliatory tariffs announced on April 2 and earlier tariffs affecting goods from Canada, China, and Mexico.
However, on May 29, a U.S. Appeals Court reversed the lower court’s ruling, allowing the tariffs to remain in effect. White House Press Secretary Karoline Leavitt stated during a briefing that the administration plans to take the case to the Supreme Court.