How painful will Trump’s tariffs be for American businesses?

In the weeks after Donald Trump’s sweeping election victory, American companies sought to reassure investors that they were amply prepared for a new round of tariffs. Some, like Stanley Black & Decker, a toolmaker, highlighted efforts to shift their supply chains away from China. Others, like Lowe’s, a home-improvement retailer, pointed to processes they have put in place to deal with tariffs after Mr Trump’s first term, during which levies were imposed on various goods, mostly from China, ranging from furniture to washing machines.