In corporate suites around the world, executives are desperately trying to determine how their businesses will be affected and what they need to do in the face of President Donald Trump’s frenzied tariff barrage.

As Trump’s trade wars heat up, bringing retaliation and threats of more, some companies are forming “tariff task forces” to count the potential cost of the levies and weigh the impact on sales, profits and market shares.

The biggest challenge is also taxing but hard to put a price tag on: low visibility into the future.

Read More: Trump Vows 200% Tariff on EU Wine, Escalating Trade Tensions

With global commerce now almost inextricably intertwined, the outcome of any effort to impose tariffs has become incredibly hard to decipher. As the Michelin CEO Florent Menegaux told us, for a vehicle assembled in the US, parts can cross borders 53 times — making such levies a logistical nightmare.

But even as the picture remains murky, companies are beginning to realize that sitting still is not at option. (Read the full story here.)

Boosting US Output

Drugmakers like Novo Nordisk and Eli Lily and tiremaker Pirelli are among several companies preparing to boost their output in the US.

European auto-parts makers like Continental, Valeo and Schaeffler say they’re going to have to pass on the higher costs to customers. Carmakers like Stellantis and Volkswagen that face intense competition and overcapacity and can’t pass on the higher costs, are staring at potential hits to earnings.

Chinese retailers like Shein and Temu are trying to find other ways to supply their customers in the US to try and mitigate the impact of the tariffs. The maker of Cetalphil skincare products, Galderma, is in a quest for other markets to offset some of the effects of tariffs.

For the corporate world, it’s not easy trying to adapt to the new business reality Trump is shaping.

“In a globalized world, the mechanisms are very complex,” Menegaux said. “If you start to put tariffs, it becomes very, very delicate to understand what are going to be the consequences.”

—Vidya Root in Paris

Click here for more of Bloomberg.com’s most-read stories about trade, supply chains and shipping.

Charted Territory

Slowing inflation | US consumer prices rose at the slowest pace in four months in February, welcome news for American households who remain apprehensive about the potential for tariffs to drive costs higher.

Today’s Must Reads

• South Korea will strengthen its scrutiny of metals imports to protect its producers from potential dumping in the local market after Trump proceeded with plans to apply 25% tariffs on global steel and aluminum imports.
• Vietnam’s top trade official is heading to the US in a bid to persuade Trump’s team that Hanoi is serious about resetting trade ties, to avert tariffs that could rattle its export-driven economy.
• Canada on Wednesday revealed a list of retaliatory duties that apply to C$29.8 billion of American goods — including ones used for Trump’s favorite pastime.
• China said it has forcefully cracked down on the fentanyl trade and condemned President Donald Trump’s tariffs, as the world’s two largest economies remain at odds over the conditions for any talks to cool tensions.
• Global oil demand is under pressure from the escalating trade war at the same that OPEC+ is reviving output, threatening to deepen a supply surplus, the International Energy Agency said.
• Mexico is delaying its response to US tariffs on steel and aluminum imports as President Claudia Sheinbaum avoids retaliation while both countries negotiate to avert levies on a wide range of products and services.
• In this Talking Transports episode, Jan Dieleman, president of Cargill Ocean Transportation, shares his insights about what’s on the horizon for its fleet of about 700 chartered vessels.

On the Bloomberg Terminal

• Key ports in Asia could see congestion continue to tick upward this week as rough weather causes disruptions and delays at major Chinese ports including Shanghai, Ningbo, and Qingdao, according to Bloomberg Intelligence.
• The weighted average freight cost of a 40-foot container on major trans-ocean trading routes went down 6.8% to $2,368 from $2,541 in the week to March 13, according to the Drewry World Container Index.
• Run SPLC after an equity ticker on Bloomberg to show critical data about a company's suppliers, customers and peers.
• Use the AHOY function to track global commodities trade flows.
• See DSET CHOKE for a dataset to monitor shipping chokepoints. 
• For freight dashboards, see BI RAIL, BI TRCK and BI SHIP and BI 3PLS
• Click HERE for automated stories about supply chains.
• On the Bloomberg Terminal, type NH FWV for FreightWaves content.
• See BNEF for BloombergNEF’s analysis of clean energy, advanced transport, digital industry, innovative materials, and commodities.

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