30 June 2025 | S&P 500

Higher US tariffs weigh on corporate earnings ahead of reporting season — Goldman Sachs

Higher US tariffs weigh on corporate earnings ahead of reporting season — Goldman Sachs

Goldman Sachs analysts warn that higher US trade tariffs will negatively impact corporate earnings for the second quarter. Since the beginning of the year, duties have increased by about 10% on average. And while much of these costs may be passed on to consumers, many firms are at risk of seeing their margins shrink. Companies that depend on imported raw materials and other goods are particularly vulnerable.

Some firms have already reported the consequences. For instance, General Mills shares plummeted after the food manufacturer announced a possible increase in production costs due to the tariffs. At the same time, Nike managed to minimize the negative impact by changing its supply strategies.

Overall, experts anticipate earnings per share (EPS) growth to slow to 2.6% in the second quarter. This may become the lowest level in the last two years. However, Goldman Sachs analysts believe that the S&P 500 index may exceed expectations if trade tensions continue to decline.

Period: 24.08.2026 Expectation: 700 pips
Invest in AUDCAD up to 0.99000
24 July 2026 34
Period: 31.07.2026 Expectation: 1700 pips
GBPUSD might keep falling towards lower boundary of descending triangle
24 July 2026 37
Period: 24.08.2026 Expectation: 4200 pips
Buying USDCAD ahead of Fed meeting
24 July 2026 32
Period: 31.08.2026 Expectation: 200 pips
Invest in EURUSD with 1.1400 in sight
24 July 2026 24
Period: 31.07.2026 Expectation: 755 pips
Brent crude is trading at multi‑month peaks
24 July 2026 53
Gold buy
Period: 23.08.2026 Expectation: 300 pips
Buying gold up to $4,400
23 July 2026 78
Go to forecasts