Goods from China and other countries are loaded at the Port of Long Beach, Los Angeles, California, US Photo: AFP/ VNA

Corporations such as Caterpillar, Marriott and many others reported poor business results on August 5.

According to Reuters' global tariff tracker, listed companies worldwide are forecast to lose about $15 billion in profits in 2025 due to the impact of tariffs. Most of the damage is concentrated in the industrial, manufacturing and automotive sectors, while the financial and technology sectors are less affected.

President Trump believes that import tariffs are necessary to address the US trade imbalance and restore domestic manufacturing capacity. He argues that tariffs will bring jobs and attract investment to the US.

“I think this is just the beginning,” said Steve Sosnick, market analyst at Interactive Brokers in Connecticut. “Tariffs are still in their infancy, especially with major trading partners like Canada, China and India still in limbo.”

Recent earnings reports show companies are being hit in a variety of ways, from higher costs for imported raw materials like metals to weaker consumer confidence and weaker demand.

Industrial equipment maker Caterpillar reported a 0.7 percent decline in revenue, while its cost of goods sold rose 6.5 percent. Caterpillar CEO Joe Creed said tariffs “are likely to be a bigger drag on corporate earnings in the second half of 2025.”

Molson Coors Brewery said it is preparing for an additional $20 million to $35 million in costs in the second half of this year due to a sharp increase in aluminum prices in the US Midwest due to tariffs. The US doubled its aluminum import tariffs from 25% to 50% in June 2025.

Despite the constant changes in trade policy, the US stock market has maintained its recovery momentum. On August 5, Mr. Trump announced that he would continue to increase tariffs on goods imported from India, beyond the current level of 25%, amid tensions between the two countries surrounding India's purchase of oil from Russia.

Some market experts believe that the uncertainty caused by tariffs will last this year, with more than 100 global companies cutting or withdrawing their financial forecasts. However, many others are optimistic that businesses and investors will soon find a new direction.