US corporate giants warn of tariffs hit

American corporate giants warned of major hits to their businesses from US President Donald Trump’s trade war.

Apple and Amazon pointed to the risks of the wide-ranging tariffs — the iPhone maker said duties could add $900 million in costs in the second quarter alone — while General Motors slashed its profit outlook for the year and McDonald’s saw US sales drop the most since the COVID-19 pandemic.

Trump’s “Liberation Day” tariffs are currently suspended but could be reinstated within months, and the resulting uncertainty surrounding US trade policy isn’t just hitting businesses: One expert warned it “is damaging for the entire financial system.”