Former U.S. President Donald Trump’s sweeping tariffs on imported goods have resulted in more than $34 billion in added costs for global businesses, according to a Reuters review of corporate earnings and public filings. The cumulative financial burden—accumulated during and after Trump’s presidency—continues to rise, with companies warning of ongoing exposure amid his renewed threats of a trade war.
The data highlights the long-term impact of tariffs initially introduced during Trump’s 2018–2020 trade war with China, the European Union, and other trading partners. Over 100 major international firms, including manufacturers, retailers, and tech companies, have disclosed tariff-related expenses totaling at least $34 billion. This figure is based on corporate filings, analyst calls, and government disclosures reviewed by Reuters.
With Trump publicly floating new tariff proposals ahead of the 2024 presidential election—including a potential 10% across-the-board import tariff and higher duties on Chinese goods—business leaders and trade experts fear a significant escalation in economic strain if such policies return.
“The trade war cost us hundreds of millions of dollars,” said an executive from a major U.S.-based electronics manufacturer. “We had to raise prices and absorb losses. If another round hits, it’ll be worse.”
The report notes that U.S.-based companies accounted for the majority of reported losses, though firms based in Europe and Asia also bore significant costs. Auto manufacturers such as BMW and Toyota, tech firms like Apple and Sony, and retailers including Walmart and Home Depot all faced additional expenses due to increased U.S. tariffs or retaliatory duties.
The automotive sector was hit particularly hard. German automaker BMW reported over $1 billion in added costs since 2018, while Toyota said tariffs affected the pricing of some 1.2 million vehicles sold annually in North America. Even U.S. manufacturers such as Tesla and Caterpillar cited tariff-related price volatility on raw materials like aluminum and steel.
While the Biden administration rolled back some measures, many Trump-era tariffs remain in place. Additionally, companies say the uncertainty surrounding future trade policy continues to complicate supply chains and long-term planning.
“We have no clarity. And without clarity, there’s no confidence in making investments,” said a trade compliance officer at a global logistics firm.
Some economists argue that the tariffs failed to achieve their intended goals—particularly in addressing trade imbalances and curbing intellectual property theft by China. The U.S. trade deficit with China has fluctuated but remains sizable, and few structural changes have been implemented since the original tariff wave.
Despite these concerns, Trump has doubled down on the political appeal of tariffs in his current campaign messaging. In recent speeches, he framed them as tools to “protect American jobs” and “punish cheating nations.” He also claimed the tariffs raised significant revenue for the federal government—though analysts counter that those revenues were ultimately paid by U.S. importers and consumers.
According to a 2021 report by the Congressional Budget Office, Trump’s tariffs generated approximately $75 billion in customs duties over four years. However, independent studies found that U.S. consumers absorbed most of the cost, either through higher retail prices or reduced product availability.
With Trump seeking to reintroduce and expand the tariff regime if re-elected, major industry groups including the U.S. Chamber of Commerce and the National Retail Federation have warned of renewed inflationary pressure, job losses, and strained trade relationships.
The Reuters analysis also noted that small and mid-sized businesses—especially in sectors like agriculture and manufacturing—faced disproportionate impacts but were less able to document or recover the costs compared to multinational corporations.
As the 2024 election season intensifies, the fate of U.S. trade policy—and the financial burden it imposes on business—remains a key concern for global markets. With over $34 billion already absorbed, companies are bracing for what could come next.
Source: Reuters
