Who benefits and who bleeds in a tariff-scarred world? For every Apple scoring policy carveouts, dozens of others are feeling the squeeze.
- Tariff-sensitive firms: Companies in apparel, footwear, and cosmetics (Crocs, e.l.f. Beauty) are raising prices, slashing outlooks, or seeing revenues hit (e.l.f. enacted its third-ever price hike and still warns it can't absorb all costs)
- Exporters abroad: Indian exporters in textiles and chemicals, Swiss machinery and watches, and Toyota's global auto network all reported lost orders and profit plunges. India's jewelry and apparel industries face $8B in new risks, according to economists
- Retaliation and adaptation: Canada and Ireland are fast diversifying trade, while Asian exporters rush to reroute goods or renegotiate deals
- Job market signals: Unemployment claims have risen and sectors outside healthcare show flat or negative job growth, prompting warnings of "stagflation" (analysis)
The new reality: Policy decisions are creating winners in US-based hardware and AI, while commodity manufacturers and apparel struggle to pass on costs or shift supply chains. Amid the upheaval, leadership in Washington is also in flux, with Trump's latest nominee, Stephen Miran, to the Federal Reserve signaling a possible tilt toward lower rates and even more policy volatility (details here).
