Trump tariff fallout: Some industries grapple with lingering effects one year later

TL;DR

Companies are still dealing with the effects of President Trump's tariffs imposed a year ago, leading to economic and political uncertainty.
Industries like retail, automotive, consumer packaged goods, and pharmaceuticals are adapting to changes in global supply chains.
Around 80% to 85% of tariff costs were absorbed domestically by U.S. corporations, either through reduced profits or increased prices for consumers.
Companies have been forced to become more flexible and diversify their supply chains, with a gradual shift away from single-country sourcing.
The Supreme Court ruled some country-specific tariffs unconstitutional, but the administration announced new global tariffs under different statutes.
Overall imports into the U.S. remained high in 2025, partly due to companies pulling forward inventory.
The retail industry has been disproportionately affected, with smaller businesses struggling more than larger ones.
The automotive industry faces billions in additional costs, but the impact has been less severe than initially expected due to some reprieves.
Consumer packaged goods companies often import key commodities, making supply chain diversions difficult, leading to higher costs for manufacturers.
The pharmaceutical industry has fared better due to drug pricing agreements with the administration, which included exemptions from tariffs in exchange for price cuts and investment in U.S. manufacturing.

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