President Donald Trump’s tariffs, which cost large companies an estimated $34 billion, as reported by Reuters. Implemented during his first term (2017-2021), these tariffs targeted imports from major trading partners including China, the European Union, Canada, and Mexico, with the goal of protecting U.S. industries and reducing trade deficits. However, they resulted in significant cost increases for corporations, especially in manufacturing, retail, and agriculture, which depend on imported materials and goods. The $34 billion figure reflects the added expenses for raw materials like steel and aluminum, as well as finished products, leading to supply chain challenges and elevated consumer prices. Companies such as Ford, General Motors, and Walmart encountered difficulties, with some initially absorbing costs and others passing them onto consumers, fueling inflationary pressures. Retaliatory tariffs from affected countries further impacted U.S. exporters, notably in agriculture, where soybean and pork exports saw notable declines. Economic analyses, including those from the Tax Foundation, suggest the tariffs reduced U.S. GDP by about 0.2% annually and led to job losses in certain sectors due to higher input costs. This expanded description highlights the intricate balance of protectionist policies against the realities of global trade and economic efficiency.

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