The real losers and winners in Trump’s global trade wars

President Donald Trump has launched an all-out trade war, hitting imports from Canada, Mexico, the European Union, and China with massive tariffs. The goal? Reshaping the U.S. economy and forcing other nations to negotiate on his terms. But while some American businesses are thriving, others are drowning under skyrocketing costs.

The biggest winners right now are U.S. steel and aluminum manufacturers. Trump slapped a 25% tariff on imported steel and aluminum, instantly making domestic production more competitive. U.S. Steel and Cleveland-Cliffs are now in high demand, and Century Aluminum, the nation’s largest primary aluminum producer, says these tariffs will drive a “resurgence” in American aluminum production. The results are clear: hot-rolled steel prices jumped to $945 per ton, the highest since February 2024, and aluminum prices surged 45 cents per pound, passing $990 per metric ton in a single day.

Companies cashing in on Trump’s trade war

Anheuser-Busch, the company behind Bud Light and Michelob, is one of the biggest winners. The company doesn’t have to worry about import tariffs because 99% of its beer is brewed in the U.S. and 99% of its ingredients come from American farmers. That insulation from global trade wars has helped Anheuser-Busch’s stock jump 24% this year while competitors struggle with rising costs.

Another group raking in profits? Warehouse owners. American companies are stockpiling raw materials and goods, preparing for even worse tariffs. All of that extra inventory needs storage, driving up demand for warehouse space.

The gold and silver markets are also thriving. Investors see precious metals as a safe bet during economic uncertainty, and that’s exactly what’s happening now. Since the start of the year, gold prices have soared 13% to over $3,000 per ounce, while silver has climbed 14% to $34 per ounce.

Then there’s the tech sector—at least, the software and AI side of it. Palantir, Oracle, Microsoft, and Salesforce are dodging the worst of the trade war because they don’t rely on Chinese factories. Wedbush analyst Dan Ives said Palantir is in a particularly strong position, thanks to its U.S. government contracts and AI technology investments.

Industries getting crushed by tariffs

The stock market is bleeding. The Nasdaq has lost 2,300 points in just 30 days, a 12% drop, and the S&P 500 has crashed more than 10% from its recent highs. Investors are dumping tech stocks that depend on Chinese supply chains.

No company is feeling it worse than Apple. Trump hit Chinese imports with a 20% tariff, and Apple relies on China for manufacturing. The company’s stock is down 13% since January, and analysts say moving production back to the U.S. would take at least five years and cost over $20 billion.

The automakers aren’t doing much better. Ford, GM, and Tesla are scrambling as raw material costs surge. Barclays analysts estimate that Trump’s tariffs will add $400 to the cost of every car built in the U.S. That’s not good news for Tesla, which has already seen its stock plunge 36% this year.

The alcohol industry is taking massive losses. Trump just announced a 200% tariff on European wine and champagne, responding to the EU’s 50% tariff on American whiskey. Retailers are scrambling to stockpile bottles, knowing prices will soon skyrocket. A $109 bottle of Chateau Rauzan Segla Margaux will cost $375 once the new tariffs kick in.

It’s not just luxury goods suffering. California’s almond industry is in trouble. One-third of California’s almonds are shipped to Europe, and now they’re facing retaliatory tariffs. Farmers are bracing for major revenue losses, and industry experts say it could take years to recover.

Retaliation from other countries

Other nations aren’t backing down. Canada just hit back with $21 billion in retaliatory tariffs, slamming American farm products, whiskey, and other goods. Some Canadian retailers have even pulled Tennessee whiskey from their shelves entirely, refusing to sell American-made liquor in protest of Trump’s trade war.

Mexico and China are also pushing back. China’s 20% tariff on American imports is a direct response to Trump’s policies, and it’s putting serious pressure on Tesla, Apple, and automakers.

One company pleading for help is Tesla. In a letter to the U.S. Trade Representative’s office, Tesla warned that it faces “disproportionate impacts” from retaliatory tariffs. The electric vehicle company is already struggling with supply chain issues, and now it’s being hit from multiple directions.

The stock market is reacting badly. The Dow Jones just dropped 1,000 points in the last 30 days, marking a 2.4% decline. Investors are on edge, but the Trump administration isn’t worried.

Treasury Secretary Scott Bessent shrugged off concerns, saying, “We’re focused on the real economy. I’m not concerned about a little bit of volatility over three weeks.”

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