
The trade war, ignited by US President Donald Trump, has inflicted significant financial damage on global businesses. According to a Reuters report on Thursday, May 29, the tariff war has already led to over US$34 billion (approximately HK$266.6 billion) in losses due to declining sales and rising costs, and experts warn that this figure is likely to increase as uncertainty persists.

Major corporations across the US, Asia, and Europe—such as Apple, Ford, Porsche, and Sony—have significantly lowered profit forecasts or withdrawn earnings guidance entirely. Many companies cite the unpredictability of Trump's trade policies as a key factor, making it nearly impossible for them to estimate costs accurately.
Reuters compiled data from company statements, regulatory filings, earnings calls, and media transcripts to assess the financial toll of tariffs. The initial estimate includes data from 32 companies in the S&P 500, 3 companies in the STOXX Europe 600, and 21 companies in Japan's Nikkei 225. However, economists believe the real costs could be several times higher.
Jeffrey Sonnenfeld, a professor at Yale University, said that even if people double or triple the current figures, the actual impact is likely far beyond most people's expectations. He also noted the potential for broader ripple effects, such as reduced consumer and corporate spending and heightened inflation expectations.
Although recent cooling in US-China trade tensions has offered some relief to markets, the final shape of any trade agreement remains unclear. Trump's decision to withdraw threats of tariffs on Europe has also provided temporary respite. However, strategists caution that businesses are now focusing on diversifying supply chains, pursuing "nearshoring" strategies, and expanding into new markets, all of which are driving up costs.
Reuters reported that at least 42 companies have downgraded their earnings forecasts, while 16 companies have suspended or withdrawn their guidance entirely during the latest earnings season.
(Source: Wen Wei Po)
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