30 iconic companies struggling under the Trump administration
Daniel Coughlin
18 September 2018
Big-name firms hurting under the Trump presidency
The US economy may be booming right now, but the Trump administration's protectionist 'America First' policies are harming a number of iconic firms. We reveal 30 companies that are struggling under President Trump's administration.
Coca-Cola
The Trump administration's punishing tariffs on imported metals are beginning to bite. In July, Coca-Cola announced it would be hiking up prices on carbonated drinks next year, partly due to higher aluminium and steel prices, a move that is likely to eat into the firm's profits.
Campbell's Soup
Campbell's Soup is set to be hit even harder by the current administration's tariffs on imported metals. The 25% steel tariff and levy of 10% on aluminium imports are a kick in the teeth for the venerable food company, which is also grappling with declining sales and an ailing stock price.
Harley-Davidson
In June, Harley-Davidson ignited a bitter feud with President Trump after the renowned motorcycle manufacturer announced it would be moving some production facilities overseas to avoid retaliatory EU tariffs, which are already hitting the company.
Daimler AG
Carmakers are also suffering from Trump's protectionist policies. Germany's Daimler AG was the first of many auto manufacturers to downgrade financial projections, issuing a profit warning in June. US and retaliatory tariffs are expected to drive up costs and lead to fewer sales.
Mid-Continent Nail
America’s largest nail manufacturer, Mid-Continent Nail has been battered by President Trump's 25% tariff on steel imports. The Missouri company has already laid off a third of the workforce, and could shut down within weeks unless it receives an exception from the Department of Commerce.
SEMO Box
Packaging firm SEMO Box, which is headquartered in Cape Girardeau, Missouri, is dependent on contracts with Mid Continent Nail, and has had to let go of staff on account of the slowdown in business.
Stanley Black & Decker
The industrial tools and DIY behemoth sources parts from China and sells its wares in the country. Unsurprisingly, the Connecticut-based firm estimated in July that the Trump administration's actions had already inflated costs by a profit-eroding $35 million.
Ford
President Trump's tariffs on steel and aluminium, not to mention the slew of penalties imposed by foreign governments in retaliation, are proving to be very expensive indeed for Ford. The US auto manufacturer expects costs to rise by as much as $300 million this year.
Remington Arms
The pro-gun president is actually responsible for a slump in weapon sales, as gun owners feel their Second Amendment rights are protected, and see no need to stock up. Remington Arms, one of America's oldest gunmakers, has taken the most damaging hit, filing for Chapter 11 bankruptcy in March.
Volvo Cars
The Swedish auto maker, which is a subsidiary of Chinese company Geely, relies heavily on parts that are sourced from China. Needless to say, prices of the company's vehicles are projected to rise in the US and elsewhere.
BelGioioso Cheese
The Trump administration's attempts to protect the domestic dairy industry have backfired somewhat, with Mexico and Canada imposing retaliatory tariffs on cheese and whey products. Wisconsin firm BelGioioso Cheese has described the tariffs as “a nightmare” for business.
Sartori Cheese
This family-owned artisan cheese company, which is also based in Wisconsin, has calculated that the dairy tariffs will add an additional $40 million to its costs this year, which represents around 15% of the firm's total annual sales.
Electrolux
Swedish home appliances multinational Electrolux has projected it will be down $10 million in the second half of 2018. Trump administration tariffs on imported steel, aluminium and vacuum cleaner parts are bumping up costs at the Scandinavian company's US factories.
CaseLabs
This California-based manufacturer of high-end PC cases went into liquidation last month, and placed the blame primarily on the Trump administration's tariffs, which had raised costs by an unsustainable 80%.
BMW
In July, BMW raised prices on US-made SUVs in China after the Chinese government slapped a harsh retaliatory tariff on American-made cars. To make matters worse, the German carmaker will be hammered if Trump's proposed 25% tariff on EU-made cars and auto parts comes to pass.
BorgWarner
Likewise, Michigan-based auto parts supplier BorgWarner has fallen on hard times due to President Trump's tariffs. The firm's exports to China, which account for 13% of its total revenue, have been whacked with hefty retaliatory tariffs. No wonder the BorgWarner share price has plummeted since January.
General Motors
GM has reaped some benefits under the Trump administration, with sales buoyant in the US thanks to the thriving economy, but the government's tariffs on metals are pushing up costs, so much so that the GM stock price has tanked and the firm has lowered its profit forecast.
REC Silicon
A solar trade dispute between the US and China has been raging since 2011 and the Trump administration has only served to intensify the discord. As a consequence, solar panel manufacturer REC Silicon has had to lay off employees in the US and slash production by 25%.
SunPower
US solar panel maker SunPower is also feeling the heat. President Trump's tariffs will cost the firm $68 million this year, and the company is considering downsizing operations and making staff redundant.
MillerCoors
President Trump's 10% tariff on aluminium is proving to be a major headache for American brewers. MillerCoors estimates the levy will add $40 million (£30m) to its costs this year. The extra costs will be passed on to US drinkers, who can expect to pay a few cents more for their can of beer.
Tesla
Tesla is poised to be another victim of President Trump's policies. Retaliatory tariffs are expected to lead to decreased sales of the firm's electric vehicles in China, while the current administration's phaseout of tax credits for electric vehicles is set to harm sales in the US.
Caterpillar
In July, construction colossus Caterpillar warned its material costs for the second half of this year would double from $100 million to $200 million due to the Trump administration tariffs, which will result in higher prices for its customers.
Brown-Forman
Brown-Forman, the US firm that makes Jack Daniel's bourbon, is raising prices in Europe after the EU imposed a 25% tit-for-tat tariff on whiskey imports. The decision is bound to affect the firm's profits later down the line.
Philips
Like many foreign companies with major operations in the US, Dutch electronics firm Philips is losing out because of President Trump's 'America First' tariff policy. The company will have to raise prices of products made in China to offset the additional costs.
Winnebago
Famed motorhome manufacturer Winnebago is on a major cost-cutting drive, but despite tweaking the design of some of its vehicles to save cash, the added costs associated with the Trump administration's tariffs will be passed on to customers, who will pay more for their RV.
Steve Madden
The cult shoes, handbags and accessories label is about to get a whole lot more expensive, which is likely to erode profits, thanks to President Trump's tariffs. Steve Madden is planning to raise prices in the US and may even move production from China to Cambodia to save money.
Toyota
Last month, Japanese carmaker Toyota downgraded its full-year financial forecast for 2018 by $90 million. Squeezed by the Trump administration tariffs, the auto manufacturer could raise the price of pickups and minivans by as much as $3,000 each in the US.
Deere
Farming equipment manufacturer Deere, which is based in Illinois, is dealing with higher costs due to the Trump administration's tariffs on steel and aluminium. The additional levies may also end up reducing demand for the firm's products, further eroding profits.
Newell Brands
Newell Brands produces everything from stationery to kitchen appliances, and owns a plethora of household names, including Sharpie, Parker Pens, Sunbeam and Crock-Pot. It anticipates President Trump's tariffs will cost the business a painful $100 million a year.
Tyson Foods
China and Mexico have imposed retaliatory tariffs on American imports of red meat and poultry, harming US food companies like Arkansas' Tyson Foods. The firm has cut its profit forecast for this year as it attempts to absorb the extra costs.
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