But for many foreign companies, the slide in the US dollar has incentivized them to raise their invoice prices to compensate, according to Wells Fargo. And Deutsche Bank’s Saravelos said the pressure on US firms so far to bear tariff costs is another headwind for the greenback, which is already on its worst start to a year since the 1970s.

As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.

In an exclusive interview with Newsweek, the former Commerce Secretary discusses trade, China and tariffs under Trump 2.0.

Reuters is tracking how companies are responding to the threat posed by <a href=" target="_blank" rel="noopener noreferrer nofollow">U.S. President Donald Trump’s tariffs to their operations.

April 9: Trump's higher "reciprocal tariffs" begin just after midnight. Hours later, the president says he is issuing a 90-day pause on those duties, except for China. Trump raises tariffs on Chinese goods from 104% to 145%, the highest rate so far this year.

General Motors is the latest U.S. auto giant to say tariffs have taken a chunk from their earnings. The company beat earnings expectations on Tuesday, but reported a decline in second-quarter profits, including a $1.1 billion hit as a result of hefty import taxes.

Trading updates and corporate earnings from some of Europe’s auto giants show the extent to which Trump’s tariffs have started to take their toll.

The levies, which are scheduled to take effect Aug. 1, would dramatically escalate U.S. tariff policy and threaten to hike prices for everyday goods ranging from coffee to shoes. Trump delayed the so-called "reciprocal tariffs" in April,