Global corporations are reporting significant financial strain from U.S. trade policies, even as markets responded favorably to the new U.S.–Japan trade pact. The agreement—lowering tariffs on Japanese auto imports—triggered a rally in equity markets, but left steel and aluminum tariffs untouched, maintaining the ongoing trade friction  . Within this climate, Texas Instruments cited diminished demand and supply‑chain disruptions linked to tariff uncertainty, while SSAB, Sweden’s leading steel producer, highlighted an influx of inexpensive Asian steel into Europe as shipments redirected away from the U.S., undercutting prices and squeezing margins  . Across industries—including automotive, aerospace, and pharmaceuticals—collective tariff-related losses were estimated between US $6.6 billion and $7.8 billionin the past week, with General Motors alone predicting up to $5 billion in additional costs in 2025  . Despite weak earnings, investor optimism persists: the Japan accord boosted U.S. trading sentiment, and markets are now looking to further deals—particularly with the EU—before the pivotal August 1 deadline.