Global companies have incurred more than $35 billion in costs from U.S. tariffs heading into third-quarter earnings, though many are now scaling back earlier forecasts as new trade deals ease exposure to President Donald Trump’s levies.
Trump’s trade war has driven tariffs to their highest levels since the 1930s, but recent bilateral agreements with the EU and Japan have helped reduce uncertainty, enabling firms to plan better, including strategic price adjustments.
According to a Reuters analysis of hundreds of corporate filings and earnings calls, companies anticipated losses between $21 billion and $23 billion for 2025, with an additional $15 billion expected next year.
READ ALSO: Global Shipping Nations Push for Historic Climate Deal amid US Opposition
While Toyota’s $9.5 billion estimate pushed totals higher, many other firms, including Remy Cointreau, Pernod Ricard, and Sony, have trimmed their projections.
Automakers remain among the hardest hit. Ford, Stellantis, Volkswagen, and Toyota collectively reported billions in tariff-related costs, though optimism is rising following U.S. plans for tariff relief on auto production. Stellantis CEO Antonio Filosa said tariffs are now “just another variable of our business equation”.
Consumer-focused companies such as Nike, SEB, and H&M continue to face headwinds, citing margin pressure and weaker demand. H&M’s CEO Daniel Erver warned that U.S. import tariffs could dampen profits in the coming quarter.
READ ALSO: Global Stocks Slip as Dollar Climbs; Europe’s Defence Sector Rallies on Trump’s Ukraine Remarks
Despite ongoing tensions, including Trump’s brief suggestion of new 100% tariffs on China, analysts believe global trade conditions are stabilising.
“We’ve reached a kind of landing point with some of the bilateral deals,” said Andrew Wilson, Deputy Secretary General of the International Chamber of Commerce, though he cautioned that “complexity and uncertainty remain high.”
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
