Reuters estimates corporate losses from Trump’s trade war

The trade war launched by former U.S. President Donald Trump cost global companies more than $34 billion in lost profits and increased costs, Reuters reported, citing its own calculations.

An analysis of companies listed in the S&P 500, Europe’s STOXX 600, and Japan’s Nikkei 225 showed that at least 42 companies lowered their earnings forecasts, and 16 withdrew them altogether, including Apple, Ford, Porsche, Volvo, and Sony.

Many corporations said it was impossible to provide accurate estimates due to the “unpredictable nature” of Trump’s trade policies. The White House, however, claimed that tariffs generated at least $50 billion for the U.S. economy.