President Donald Trump’s administration imposed across-the-board tariffs on most imports and targeted some countries and industries for additional levies. Duties are as high as 145% on many Chinese imports, and Beijing retaliated with import taxes of 125% on American goods. Foreign-made steel and aluminium also face a 25% US tariff.
From Apple Inc to General Motors Co, corporate America is bracing for tens of billions of dollars in damages from Trump’s trade war — and that’s before most affected goods have landed.
Among US companies that have disclosed financial projections so far, GM sees a US$5 billion hit this year, while Apple expects US$900 million in higher costs in the current quarter. Nvidia is taking a US$5.5 billion charge to account for new export controls.
