Global Companies Report Over $35 Billion in Anticipated Tariff Costs for 2025-2026
According to a Reuters analysis, global companies have reported anticipated costs exceeding $35 billion from U.S. tariffs as they approach third-quarter earnings. The analysis, which reviewed hundreds of corporate statements, regulatory filings, and earnings calls from July 16 to September 30, found that companies expect a combined financial impact of $21.0 billion to $22.9 billion for 2025 and nearly $15 billion for 2026.
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The total of more than $35 billion represents an increase from the $34 billion tallied in May, shortly after the “Liberation Day” tariffs in April. However, this overall trajectory masks a shift, as the increase is largely attributable to a single $9.5 billion estimate from Toyota. Many other firms have lowered their initial worst-case forecasts following new lower-rate trade deals reached by President of the United States Donald Trump with the EU and Japan.
French spirits makers Remy Cointreau and Pernod Ricard both reduced their estimates of tariff-related costs after the EU agreement. Similarly, Sony cut its forecast in August. Exceptions were also carved out in other agreements, such as only about a third of Brazil’s exports facing a 50% tariff.
“Tariffs are getting clearer and clearer. And we believe that tariffs will be just another variable of our business equation that we need to be ready to manage, and we will,” Stellantis CEO Antonio Filosa said in a mid-October interview. The company had warned in July of a 1.5 billion-euro hit from U.S. tariffs this year but has since introduced new details of a $13 billion, four-year investment in U.S. manufacturing.
International Chamber of Commerce Deputy Secretary General Andrew Wilson noted, “I think there is this sense that we reached a kind of landing point with some of the bilateral trade deals.” He added, “But there will continue to be much greater complexity and this massive uncertainty.” This uncertainty was highlighted when President Trump earlier this month floated the idea of additional 100% tariffs on China. He later stated the proposed tariffs would not be sustainable and blamed Beijing for the latest tensions in trade talks between the two countries.
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