How painful will Trump’s tariffs be for American businesses?

In the weeks after Donald Trump’s sweeping election victory, American corporations sought to reassure buyers that they had been amply ready for a new round of tariffs. Some, like Stanley Black & Decker, a toolmaker, highlighted efforts to shift their provide chains away from China. Others, like Lowe’s, a home-improvement retailer, pointed to processes they’ve put in place to cope with tariffs after Mr Trump’s first time period, throughout which levies had been imposed on about $380bn-worth of imports starting from metal and aluminium to washing machines, largely from China.