With the substantial increase in tariffs imposed in 2025, many US corporations began disclosing tariffs’ impacts in their quarterly financial reports or in earnings calls with investors, analysts, and the media. In “How 2025 Tariffs Affected 85 Large US Nonfinancial Corporations” published in Tax Notes, NERA Managing Director Thomas Meyer and Senior Analyst Priyan Thurairatnam and Economic Consultant Thomas Horst assess how the economic burden of the 2025 tariffs varies across 85 large US corporations in 14 primary industries.

The authors review the fiscal-year quarter that includes June 2025 to compare actual imports subject to tariffs and corporations’ estimates of the net impact of the tariffs on their reported EBIT. The results show a disproportionate burden of the 2025 tariffs was borne by the three large US auto manufacturers and certain other US machinery and equipment manufacturers.