US President Donald Trump’s tariffs are leading to a trillion-dollar increase in corporate expenses this year, much of which is being passed on to consumers through hiked prices of products, according to an S&P Global report published Thursday.

Companies are expected to lose approximately $1.2 trillion more in 2025 than initially forecast, as the picture on trade and tariffs has shifted dramatically, according to the report.

Key factors behind this revision include tariffs , wage increases, energy costs, and rising capital expenditure, particularly in AI infrastructure.

The report highlights a sharp contraction in “ global corporate ” margin expectations. Sell-side analysts covering the largest global retailers like Walmart, Amazon and Costco Wholesalers estimate a combined $907 bil

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