Beyond Donald Trump's sound and fury, there is the reality on the ground. Six months after the White House first announced new tariffs (the 10% levy on China, which came into force on February 4), the first tangible effects of the trade war launched by the United States have now become apparent. This year, the US protectionist machine has already collected $108 billion (€92.1 billion) from these tariffs, double the 2024 total.

While the global macroeconomic effects have remained moderate so far, sector-specific impacts have become increasingly clear as companies publish their second-quarter results. The automotive industry, an archetypically globalized sector, has been the first to falter: General Motors reported $1.1 billion in losses linked to tariffs in just the first half of the year, Stellantis (which encompasses Peugeot, Citroën, Chrysler, Fiat and others) reported €300 million, and Volkswagen €1.3 billion. "If the current tariffs [25%], the burden would increase to several billion" for the whole year, said Oliver Blume, CEO of Volkswagen.

The chemical industry has faced a similarly alarming situation: Five European companies have issued profit warnings, all stressing that US demand has decreased. The same is true for textiles: Puma has issued a profit warning, with its share price dropping more than 15% on Friday, July 25, while Nike announced that the tariffs had cost it $1 billion.

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