S&P analysis of 9,000 companies worldwide finds the real cost of tariffs and other corporate costs: $1.2 trillion

President Donald Trump’s tariffs are leading a trillion-dollar corporate squeeze, most of which is inevitably falling on consumers’ shoulders, an S&P Global report finds.

Companies will lose at least $1.2 trillion more this year than they expected before the year began and the picture on trade and tariffs dramatically changed, according to the report, published Thursday. It also reflects factors including wage increases and energy prices, and rising capital expenditure, particularly in AI infrastructure, S&P added.

S&P estimates $53 trillion in company expenses for this year, revising its January 1 forecast. The report’s analysis pulled from forecasts from more than 15,000 analysts following roughly 9,000 public companies, which represent $111 trillion of the $130 trillion global equity