Top American brands say the trade war is now eating into their profits
Some of the largest companies in America are reporting that they are suffering the sting of the Trump administration’s trade war, sounding alarm in an otherwise prosperous economy.
Midway through the corporate earnings season, companies across a broad array of industries are citing tariffs, particularly those imposed on aluminum and steel, as the culprit for lower profits, higher prices for consumers and even sweeping changes in their planning and operations, such as moving production out of China.
Products as varied as whiskey and My Little Pony, washing machines and Maseratis are caught in the crossfire of a trade war that has brewed for months. Since March, Trump has levied hundreds of billions of dollars in tariffs on steel and aluminum imports from China, Canada, Mexico, the European Union, Japan and other nations. He is also threatening to impose tariffs on cars and uranium.
General Motors said Wednesday that it has lowered its outlook for 2018 earnings in part because of significant increases in the costs of raw material. GM’s stock fell more than 6 percent by midday trading. Trump imposed tariffs on aluminum and steel — major components of cars — earlier this year.
https://www.washingtonpost.com/business/2018/07/25/top-american-brands-say-trade-war-is-now-eating-into-their-profits/?utm_term=.e4740ba9be2c
Too bad they're not farmers or Trumpy would have $12 billion to give them.