What impacts are tariffs having on corporate profits?

With tariffs now at their highest level since 1911—average consumer rates reaching 20.2% (Yale Budget Lab)—many companies are absorbing costs rather than passing them to consumers, as stable spending data suggests.

Tariff Impacts: What you need to know.

Corporate earnings show mixed effects: General Motors, for example, reported $1.1B in tariff-related losses and margin compression, while domestic steel producers like Cleveland-Cliffs have benefited from reduced competition.

Still, S&P 500 earnings remain strong — 80% of companies beat Q2 2025 expectations, with 6.4% growth vs. 4.9% forecasted.