Multinational companies across the United States, Europe, and Japan have reported a combined $34 billion in losses stemming from tariffs imposed by U.S. President Donald Trump, according to a *Reuters* analysis. These tariffs, described by affected firms as “erratic,” have disrupted global supply chains, raised costs, and driven down revenue, while also straining relationships with key American allies—particularly the European Union.
Based on disclosures from 56 major firms, the report highlights that the losses are due to higher input costs, disrupted logistics, and general uncertainty in the trade environment. Economists warn that the true impact may be even greater, citing long-term ripple effects such as weaker business investment, dampened consumer spending, and heightened inflation.
Since returning to office in January, Trump has expanded his protectionist trade agenda under the banner of defending American industry. The culmination came on April 2, branded as “Liberation Day,” when he introduced a universal 10% tariff on all imports and threatened a 50% levy specifically targeting EU goods.
“The Administration has consistently maintained that the United States, as the world’s largest economy, has the leverage to make our trading partners ultimately bear the cost of tariffs,” said White House spokesperson Kush Desai. However, available data suggests it is U.S. businesses—and by extension, consumers—that are absorbing most of the burden.
In response, the EU has prepared countermeasures affecting €100 billion worth of U.S. goods, including automobiles, plastics, and medical equipment. A scheduled 50% tariff hike was postponed until July 9 following a call between Trump and European Commission President Ursula von der Leyen, leaving a brief window open for negotiation.
Several major corporations including Apple, Ford, Walmart, and Kimberly-Clark have revised their earnings forecasts downward, citing the unpredictability of U.S. trade policy. General Motors has been one of the few outliers to express support, arguing that the tariffs level the playing field for domestic carmakers.
Trump continues to defend the tariffs as a means to bring manufacturing jobs back to the U.S. and narrow the trade deficit. “We’re going to raise hundreds of billions in tariffs; we’re going to become so rich we’re not going to know where to spend that money,” he said in March.
According to estimates from the Tax Foundation, the tariffs already enacted—and those scheduled for 2025—are projected to generate $152.7 billion in federal revenue, equivalent to 0.49% of GDP. That would mark the largest single-year tax increase since 1993.
