The latest new tariffs announced by Donald Trump struck almost all industries around the world, setting up unprecedented challenges in business with weak demand and inflation pressure.
Industry executives warn that the biggest victims are US consumers who will pay more to buy everything from adidas trainers to Modelo, the most sold beer in the United States.
The United States has announced a 10 %reference fee with up to 50 %additional tariffs on several trading partners, including the EU, Japan, Vietnam and Cambodia.
automobile
Foreign automakers face 25 %of tariffs on all vehicles assembled outside the United States. Mexico and Canada’s vehicles and auto parts, which comply with the US-Mexico-Canada Agreement (USMCA) in 2020, are exempt from tariffs.
ChroPe Périllat, CEO of French automotive suppliers Valeo, will depend on a 25 %tariff from May 3rd. Half of the company said that they have already agreed to raise the price to absorb tariff costs.
Automotive manufacturers have spared no “mutual” tariffs on US trading partners, but UBS warns that the charges are still likely to increase the cost of raw materials and electronic components.
Consulting Anderson Economic Group is expected to add up to $ 5,000 for US cars facing the lowest tariffs and add up to $ 20,000 for some imported models, which will have $ 3 billion in US consumers in the first year.
American automakers are better deployed, but even General Motors and Ford will be affected because they supply components outside the United States. Bernstein estimates that it will hit almost 10 %of GM’s profits from tariffs.
Zip owner Stellantis also said it will temporarily stop production in plants in Canada and Mexico.
The largest losers include German automakers BMW and Mercedes-Benz. Subaru, meanwhile, imports all power trains for Miss Hold in Japan.
Kana Kaki in London, Claire Bush in Chicago, Patrisia Nielsen in Frankfurt, Ian Johnston in Paris
Retail and consumer goods
Major shoes and clothing brands will be hit by a new tariff system in Southeast Asian countries.
Many retailers moved sourcing in China with hub manufacturing in Vietnam, Cambodia and Indonesia, and up to 49 %of punishment tariffs are applied.
The stock of Pandora, a Danish jewelry manufacturer, dropped 12 % on Thursday, worrying about investors on the impact of tariffs on Thailand’s manufacturing facilities, which fell 12 % on Thursday. The group is estimated to be DKR12 billion annually, and the impact on the rest of the 2025, including alleviation, is about DKR700m.
The United States is also hit by e -commerce companies such as Shein and Temu, who are tax -free shipping for mainland China and Hong Kong’s small value packages. The “de Minimis” exemption for a package worth less than $ 800 ends on May 2.
Sportswear groups such as Nike, ADIDAS and PUMA have fallen about 10 %, resulting in stocks of retailers with supply chains in Southeast Asia. The stocks of the Swedish retail group H & M, which mainly supplies products from China and Bangladesh, have decreased 4.5 %.
LAURA onita in London, Florian Müller of Frankfurt and Richard Milne of OSLO
Wine and spirit
European groups, which rely heavily on US exports, will be the biggest losers. Rémy Cointreau has the highest exposure, 38 %of sales in North America in 2024, and almost everything came from the EU.
Trump extends the tariffs of aluminum and includes bad canbodys for all canned beers and Mexican beers. Constellation Brands imports popular Modelo, Corona and Pacifico beer into the North American market.
According to the analyst, Mexican beer accounted for about 85 %of the group’s net sales and hit 25 %of operating income.
Companies such as DIAGEO and Campari, which sell tequila and Canada whiskey, sighed after the White House exempts a product that complies with USMCA transactions. DIAGEO’s stocks, where US businesses are greatly distorted towards Tequila and Canada whiskey on Thursday, are Rose on Thursday.
London’s Madling Speed
luxury
Luxury’s biggest market, the US shopping, should expect to increase handbag costs and ready -to -wear fashion as the company raises prices to compensate Trump’s tariffs in the EU and Switzerland.
On average, UBS should face high -end brands to increase prices by 6 % in the United States to offset tariff impact, UBS said.
However, the industry has price -specific power, so it must be protected from the worst impact. Wealthy Americans will also double the number of overseas shopping, one of their favorite hobbies.
The bigger concern is the blow to global consumers’ trust in the age when the luxury industry is already slowing due to the craze of the Covid-19 Pandemic Boom. According to Barclays, some companies, such as Ferragamo, LVMH and Cartier owners Richemont, are more exposed to America than other companies than other companies.
“What we have to worry is … [if] The new US policy forces a sharp global economic downturn and the stock market correction. Bernstein’s Luca Solca said.
ADRIENNE KLASA in Paris
Constraints
Trump signaled that it would be possible to take action on this sector later, but the pharmaceuticals are currently exempt from tariffs. He said that the manufacturing industry faced “big taxes” on Wednesday after the “roaring” in the United States.
Mixed messages meant some stocks, including Astrazeneca, GSK, and Novartis on Thursday, and other stocks such as Novo Nordisk and Roche fell.
Pharmaceutical companies hoped that in 1994, the World Trade Organization transactions would be protected except for drugs, except for tariffs and other obligations. But in recent weeks, some, including ELI Lilly and Johnson & Johnson, have announced large -scale investments in the US on tariffs.
The generic industry can be the biggest blow due to potential tariffs due to low margins. JEFERIES analysts think this sector may be spared because this division is an important contribution to the US’s drug cost reduction, and Trump seemed to focus on the brand pharmaceutical manufacturer who moved the manufacturing to Ireland because of the low company tax rate.
London’s Hannah Kuchler
flight
Trump’s tariffs are expected to make passengers more expensive as aerospace companies pass over higher manufacturing costs.
Analyzers of the vertical research partners said about 20 %of the materials used to make Boeing plane “tariffs will increase the cost of manufacturing aircraft.”
Airbus, a European airplane manufacturer, has built a assembly line in the United States, but the import costs will be higher. Price hikes are likely to be delivered to the airline and ultimately to customers.
Barclays analysts said Airbus was able to shift the cost to customers, but it was still “vulnerable” due to the size and complexity of the supply chain.
Philip George Adis in London
logistics
Transportation and logistics groups that have gained a lot of profits during the interruption of Covid Pandemic hopes that customs falls will provide opportunities.
Logistics executives said customers are paying a premium to fly products to the United States and to store their products in the US warehouse. Many logistics businesses also provide consulting and customs services. Customers are in a hurry to rush to understand the new costs and border processes to face.
Maersk, the best container transportation group, said he is looking forward to the “some in a hurry’s aerial announcement order” before Trump’s latest tariffs are entered into effect.
Beyond this out of this, Trump’s decision to remove the minimum tax exemption from Trump’s low income is expected to reach the air cargo market, and the demand for Chinese retailers who benefit from this exemption has increased.
The fear of the decline in trade was the stock price, one of the largest container ship owners, with the Danish Group AP Møller-Maersk and Germany’s HAPAG-LLOYD. The shares of the largest international cargo processing company, including DHL owner Deutsche Post, KueHne+Nagel and DSV, have also fallen.
Oliver speaks in London
