President Donald Trump may not be making any new friends in the business world any time soon. Trump’s trade war has cost companies more than $34 billion in lost sales and higher costs, according to a Reuters analysis of corporate disclosures.
“You can double or triple your tally and we’d still say … the magnitude is bound to be far greater than most people realize,” said Jeffrey Sonnenfeld, professor at the Yale School of Management.
Major U.S. tech firms such as Apple, Amazon, and Microsoft collectively lost over $760 billion in market capitalization in one day, due to fears of rising production costs and disrupted global supply chains. The broader market reacted strongly—the S&P 500 plunged 4.8%, erasing around $2.5 trillion in value, marking the steepest drop since 2020. Consumer-facing companies like Target and Dollar Tree also suffered. Economists warned of global inflationary pressure and slower growth as trading partners considered retaliation. The tariffs have reignited debates over protectionism and its far-reaching economic consequences.
READ: The perils of Trump’s proposed tariff trade war (February 6, 2025)
Across the United States, Asia and Europe, companies including Apple, Ford, Porsche and Sony have reportedly pulled or slashed their profit forecasts, and an overwhelming majority say the erratic nature of Trump’s trade policies has made it impossible to accurately estimate costs. Reuters reviewed company statements, regulatory filings, conference and media call transcripts to pull together for the first time a snapshot of the tariff cost so far for global businesses.
Trump’s tariffs signal a return to aggressive protectionist trade policies, aiming to boost U.S. manufacturing but triggering global market turmoil. For Trump, the move appeals to his political base and reinforces his “America First” agenda, though it risks trade retaliation and economic instability.
For companies, especially in tech, steel, and automotive sectors, the tariffs mean higher costs, disrupted supply chains, and declining market value. Businesses reliant on global trade face uncertainty and potential losses. The broader economic impact includes inflation risks and slower growth, raising concerns about long-term competitiveness and the consequences of escalating trade tensions.