WASHINGTON, D.C.: Global companies have reported more than US$35 billion in costs tied to U.S. tariffs, but many are now scaling back earlier estimates as new trade deals and exemptions ease some of the pressure from President Donald Trump's trade war.

Trump's tariffs have pushed U.S. trade duties to their highest levels since the 1930s, rattling global supply chains and corporate balance sheets. However, as fresh agreements with the European Union and Japan take effect, some of the uncertainty that clouded business outlooks is beginning to lift.

A Reuters analysis of hundreds of company filings, earnings calls, and statements between July 16 and September 30 found firms expect a combined $21–22.9 billion hit in 2025 and about $15 billion in 2026, bringing the total tariff burden to over $35 billion. That's up slightly from $34 billion in May, though the rise was mainly due to Toyota's higher forecast of $9.5 billion in costs.

Many others, including Remy Cointreau, Pernod Ricard, and Sony, have lowered their worst-case estimates after partial relief under the EU deal and selective carve-outs — such as exemptions covering most of Brazil's exports.

"Tariffs are getting clearer and clearer. And we believe that tariffs will be just another variable of our business equation that we need to be ready to manage, and we will," Stellantis CEO Antonio Filosa told Reuters, unveiling a $13 billion U.S. investment plan.

Andrew Wilson, Deputy Secretary General of the International Chamber of Commerce, said some stability has returned. "I think there is this sense that we reached a kind of landing point with some of the bilateral trade deals," he said, though warning that "massive uncertainty" remains.

Last week, Trump walked back earlier talk of 100 percent tariffs on Chinese goods, saying such measures "would not be sustainable," while still blaming Beijing for recent trade tensions.

The pain remains concentrated in consumer goods and manufacturing, with companies facing weaker demand and thinner margins.

Nike raised its tariff cost forecast to $1.5 billion, up from $1 billion, citing its exposure to Asian suppliers. Europe's Tefal maker SEB and H&M also flagged softer profits as customers delay spending and costs rise.

"We are cautious about the U.S. heading into the fourth quarter, both connected to the impact of tariffs on the gross margin but equally also the consumer sentiment," said H&M CEO Daniel Erver. "We can see the price increases."

Automakers, including Ford, Volkswagen, Toyota, and Stellantis, have collectively reported billions in tariff-related costs, though optimism is rising after Trump announced new tariff credits for U.S.-made vehicles.

Pharma giants Pfizer and AstraZeneca have also secured tariff-linked deals to lower drug prices and expand U.S. manufacturing.