US tariffs hit global firms with $34bn (£25bn) in losses, Reuters finds
Global companies have reported losses exceeding $34 (£25) billion due to tariffs imposed by the USA. Rising costs and declining sales are the main causes of these losses, according to an analysis by Reuters.
Reuters analysed the impact of tariffs imposed by the Trump administration on 32 companies from the S&P 500 index, three from Stoxx 600, and 21 from Nikkei 225.
The results indicate significant financial losses, resulting from unpredictable US trade policy. Many companies are unable to accurately estimate their losses.
At least 42 companies have lowered their profit forecasts, and 16 of them have withdrawn reports or postponed their publication dates.
For example, Walmart has given up on quarterly profit forecasts, and Volvo does not plan to publish forecasts for the next two years. United Airlines has prepared two different reports, highlighting macroeconomic uncertainty.
Although the White House claims that tariffs have brought $50-60 (£37-44.5) billion in revenue to the American economy, a federal court has deemed them illegal. However, an appeal has maintained their enforcement. The tariffs concern products from China, Canada, and Mexico.
