The impact of U.S. President Donald Trump’s trade policies continues to affect corporations globally. Delivery giant UPS announced plans to cut 20,000 jobs to reduce costs, citing the biggest potential impact on trade in over a century. General Motors delayed its investor call due to anticipated changes in trade policy.
Companies such as Porsche, Electrolux, and GM have either pulled or lowered their financial forecasts for 2025. The sweeping tariffs Trump implemented in early April caused volatility in global markets, prompting companies to reassess their strategies. HSBC warned that the global trade war could affect loan demand and credit quality.
Consumer confidence has dropped significantly, with the Conference Board’s measure reaching its lowest level since May 2020 during the pandemic. This uncertainty has led to reduced consumer spending and fears of an economic downturn. Adidas and other consumer-facing companies have refrained from updating their forecasts due to ongoing tariff negotiations.
— new from Reuters