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US corporate giants warn of tariffs hit

May 2, 2025, 6:11am EDT
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Employees work on the line at automaker General Motors (GM) Brightdrop unit’s CAMI EV Assembly, Canada’s first full-scale electric vehicle manufacturing plant, in Ingersoll, Ontario.
Carlos Osorio/File Photo/Reuters

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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