CoRPORATE America’s revenue engine has been remarkably strong over the previous few years, even amid cussed inflation and elevated rates of interest. Confronted with Donald Trump’s assault on world commerce, nevertheless, it’s beginning to sputter. Firms from Common Motors, a carmaker, to Nike, a sportswear model, have seen their income plummet owing to Mr Trump’s levies on imports. Goldman Sachs, a financial institution, reckons that American companies are absorbing round three-fifths of the cost of the duties.
