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.”
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