Source: New York Post
by Matthew Lynn
“It was, by any measure, a lot of red ink. When Volkswagen announced its third-quarter profits at the end of October, the German auto giant said it anticipated heavy losses for this year. The reason? It is taking a 5 billion-euro hit from tariffs imposed in the American market. Likewise, the German sportswear manufacturer Adidas warned of a 120 million-euro hit to its earnings, in part because the levies its sneakers now face in the United States, while Toyota warned of a $9 billion hit from tariffs. For anyone following the corporate earnings season over the last month, a clear theme has emerged from the giants of European and Asian industry: President Trump’s tariff regime is starting to significantly reduce their profits. But hold on. Weren’t we told that tariffs would simply be passed straight on to American consumers in the form of higher prices? That they were a tax on ordinary working people?” [editor’s: Yes, that’s what we were told — and we were told correctly – TLK] (11/24/25)
https://nypost.com/2025/11/24/opinion/trumps-tariffs-might-actually-be-working-as-he-intended/