Big exporter Caterpillar gave a figure on how much tariffs will affect its bottom line.
In its second-quarter earnings statement, the Dow Jones Industrial Average member said Monday it expects recently imposed tariffs to shave off $100 million to $200 million from its bottom line in the second half of the year. The company also raised its full-year earnings forecast despite the increased costs.
Caterpillar's announcement comes after the U.S. slapped tariffs on $34 billion of Chinese goods earlier this month. The U.S. has also implemented tariffs on steel and aluminum imports from Mexico, Canada and the European Union. They have retaliated against those levies with tariffs of their own.