As the U.S. tariff war escalates under the Trump administration, companies across industries are scrambling to adapt, with some seeing opportunity and others bracing for impact.

From automakers pausing production to tech giants reshuffling supply chains, the ripple effects of new trade policies are reshaping business strategies, investor expectations and global relationships. 

Here’s a sector-by-sector breakdown of how major players are reacting to the mounting pressure of tariffs and retaliatory trade measures.

Automotive and transportation

Note: As of Tuesday, ​President Donald Trump signed executive orders easing certain automotive tariffs by preventing overlapping duties on imported vehicles and offering temporary rebates on auto parts to support U.S. manufacturers. 

1. General Motors (NYSE:GM): The company withdrew its 2025 financial guidance on Tuesday, including pausing a $4 billion stock buyback due to anticipated losses from auto tariffs. In an internal company memo at the end of March, leadership said it planned to keep the company “nimble based on any tariffs announcements by the U.S. administration.”

2. Stellantis (NYSE: STLA): It has withdrawn its full-year 2025 financial guidance after reporting a 14% year-over-year drop in Q1 revenue, citing uncertainties surrounding U.S. tariff policy under Trump. In response to newly imposed 25% tariffs, the automaker is pausing production at plants in Canada and Mexico and temporarily laying off 900 workers in Michigan and Indiana.

3. Ford (NYSE: F): CEO Jim Farley announced an extension of the company’s “employee pricing,” a pass-on of employee discounts to regular customers, through July Fourth to ease consumer concerns over rising vehicle costs amid new auto tariffs. While Farley expressed hope that Ford’s higher share of U.S. manufacturing could be a competitive advantage, he acknowledged that tariffs on imported vehicles and auto parts will likely increase production costs, and potentially consumer prices, later this year.

4. Tesla (NASDAQ: TSLA): In response to retaliatory Canadian tariffs triggered by U.S. auto trade policies, Tesla raised the prices of its entire model lineup in Canada by 13% to 22%, with increases ranging from CA$10,000 ($7,254) to CA$30,000 ($21,762). The hikes only apply to new imports from the U.S., while existing inventory remains at previous prices. The move comes amid declining sales in Canada, fueled by political backlash, a growing consumer boycott of U.S. goods and Tesla’s loss of eligibility for many federal electric vehicle incentives.

Retail and consumer goods

5. Walmart (NYSE: WMT): Sources reported Tuesday that Walmart has instructed some Chinese suppliers to resume shipments, signaling confidence in a potential de-escalation of the trade war. The retailer has committed to absorbing the added tariff costs itself, easing the financial burden on suppliers.

6. Procter & Gamble (NYSE: PG): The company lowered its annual sales forecast after noticing a slowdown in consumer spending in the U.S. and Europe, which it attributed in part to economic uncertainty fueled by Trump’s trade war. While the direct cost impact of tariffs on P&G’s operations was relatively small, estimated between $100 million and $160 million, executives warned that tariffs are inherently inflationary and will likely lead to higher prices. The company is also exploring alternative sourcing strategies as it evaluates the longer-term effects of the ongoing trade tensions.

7. PepsiCo (NASDAQ: PEP): PepsiCo has lowered its earnings forecast for the year, citing new tariffs, global trade uncertainty and weakening consumer demand as key pressures on its business. CEO Ramon Laguarta warned that supply chain costs are likely to rise further due to volatile trade conditions, while consumers remain cautious and value-driven amid inflation.

8. Kimberly-Clark (NYSE: KMB): The company expects $300 million in added costs from new tariffs but has decided not to raise prices, choosing instead to absorb the impact and shift sourcing to mitigate expenses. Executives cited competitive pressures and a desire to maintain market position as reasons for holding prices steady, even as profits are expected to flatten for 2025.

9. Levi Strauss (NYSE: LEVI): Levi Strauss is closely monitoring the evolving tariff situation, comparing its potential disruption to that of the COVID-19 pandemic, but has not yet factored tariff impacts into its financial guidance, released on April 7. The company is relying on its globally diversified supply chain and strong international sales to help offset any U.S.-based volatility.

10. Hasbro (NASDAQ: HAS): Hasbro warned that ongoing tariffs on Chinese imports could cost the company up to $300 million in 2025, prompting it to accelerate a $1 billion cost-saving plan and explore supply chain shifts to countries like Turkey. While the company has maintained its full-year guidance, leadership acknowledged that prolonged tariffs would lead to unavoidable price increases and potential job cuts.

11. VOS Selections Inc.: VOS Selections, a small liquor importer, has joined a lawsuit challenging the Trump administration’s authority to impose tariffs without congressional approval, arguing the use of emergency powers is unconstitutional. The lawsuit contends that long-standing trade deficits do not constitute a national emergency and criticizes the application of tariffs even to countries without such deficits.

Technology and electronics

12. Apple Inc. (NASDAQ: AAPL): Apple is responding to steep U.S. tariffs on Chinese imports by shifting more of its iPhone production from China to India. Although China remains its primary manufacturing hub, Apple has significantly increased shipments from Indian suppliers like Foxconn and Tata to build inventory ahead of potential tariff hikes. While smartphone imports are temporarily exempt from the new tariffs, Apple is taking preemptive steps to safeguard its supply chain and prepare for long-term policy uncertainty.

13. Dell (NYSE: DELL): Dell has reduced or eliminated many of its product discounts, effectively raising consumer prices on laptops and desktops. The company views tariffs as an input cost and, according to its CFO, plans to pass those increases on to customers. Pegatron, a supplier of Dell and other electronics producers, also recently announced the tariff war could lead to empty shelves in the U.S. in the next few months.

14. Thermo Fisher (NYSE: TMO): The company is investing $2 billion over the next four years to expand its U.S. manufacturing and R&D capabilities in response to rising tariffs and global trade uncertainty. Of that amount, $1.5 billion will go toward strengthening domestic production infrastructure, with $500 million dedicated to innovation and development.

15. Nvidia (NASDAQ: NVDA): In response to U.S. tariffs, Nvidia announced plans to invest up to $500 billion in building AI infrastructure and chip production capabilities in the United States over the next four years. The company is partnering with manufacturers like TSMC, Foxconn and Wistron to shift more of its production domestically, with new plants under construction in Arizona, Texas and other locations.

Industrial and manufacturing

16. Caterpillar (NYSE: CAT): Caterpillar expects tariffs to increase its costs by up to $350 million this quarter but is delaying price hikes and withholding a full-year forecast until there’s more policy clarity. The company is trimming discretionary spending and slowing imports of tariff-affected products, though larger supply chain shifts will take longer to implement.

17. Whirlpool (NYSE: WHR): Whirlpool views the new U.S. tariffs as a competitive advantage, emphasizing that its 80% domestic production positions it as a “net winner” by leveling the playing field against lower-cost foreign manufacturers. The company supports the tariffs for eliminating what it describes as unfair cost advantages exploited by Asian competitors, particularly in steel pricing.

18. MP Materials (NYSE:MP): The company has halted shipments of rare-earth concentrate to China in response to retaliatory tariffs and is accelerating efforts to build a fully domestic U.S. supply chain. It is investing nearly $1 billion to expand its refining and magnet production capabilities in California and Texas, reducing reliance on Chinese processing. While this decision cuts off a key revenue stream, MP Materials is stockpiling materials and shifting focus to supplying U.S. and allied markets, positioning itself as a secure source for critical minerals amid shifting trade policies.

RELATED: Trump administration adjusts metals tariffs to support US manufacturers

19. U.S. Steel (NYSE: X): U.S. Steel is at the center of a politically sensitive acquisition proposal by Japan’s Nippon Steel. The proposal is now under review by the U.S. government amid heightened national security concerns and protectionist trade policies. While Trump has imposed a 24% reciprocal tariff on Japan to bolster domestic manufacturing, he has indicated he may allow a minority stake acquisition, signaling some openness to foreign investment under strict conditions. The broader context of Trump’s tariff strategy reflects a push to revive U.S. manufacturing, with U.S. Steel positioned as a strategic asset in that agenda.

20. Boeing (NYSE:BA): Boeing has been directly impacted by escalating U.S.-China trade tensions, as China ordered its airlines to halt deliveries of Boeing aircraft and seek government approval for future orders. Beijing criticized U.S. tariffs for disrupting global supply chains and harming both Chinese airlines and Boeing’s business. With steep reciprocal tariffs in place, it has become economically unfeasible for China to import U.S.-made planes, prompting Boeing to begin returning undelivered aircraft to the U.S.

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