A year after President Donald Trump declared his “liberation day” and imposed sweeping tariffs on imports, kicking off a wave of economic and political uncertainty, some companies are still feeling the effects. While some industries have emerged largely unscathed — having weathered twists and turns of several tariff iterations — others, such as retail, automotive, consumer packaged goods and pharmaceuticals, are navigating a new reality in global supply chains. “Leadership at U.S. corporations really had to think about where we buy from versus whether we can import or not,” said Venky Ramesh, a supply chain expert with AlixPartners. “Around 80% to 85% of the costs were absorbed domestically, meaning either the U.S. corporations had to take the hit, or they passed it on to the customers, or a mix of both.” On April 2, 2025, in the White House’s Rose Garden, Trump announced broad country-by-country tariffs, as well as a 10% baseline levy on countries that weren’t specifically listed in that declaration. Those tariff policies fluctuated wildly over the following months as Trump made deals …