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US President Donald Trump’s “America First” policies since he took office in January deterred some leading firms to lower or suspend their targets in their first quarter balance sheets.

The downward revisions were influenced by the tariffs, cost inflation, currency volatility, and potential weak demand.

US tariffs and retaliatory tariffs, especially from China, primarily influenced the first quarter of the year. Analysts said that the inflation-recession dilemma caused concerns over demand and uncertainties in leading sectors, which led to issues in determining the future roadmap of firms.

Meanwhile, the contraction of the US economy after three years contributed to the uncertainties. Analysts stated that India can’t replace China in trade with the US despite the US’ getting closer with India again.

Danish drugmaker Novo Nordisk downwardly revised its 2025 sales growth range from 16-24% to 13-21% due to lower sales expectations for its weight loss medicine Wegovy, while decreasing its operating profit growth target from 19-27% to 16-24%.

German automaker Mercedes-Benz Group canceled its 2025 Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) target, saying that if the 25% tariffs on vehicle imports were to become permanent, automobile margins could decline. The firm said it will seek to achieve further cost savings in its new product range and produce more gasoline and diesel cars instead of electric.

The Netherlands-based automaker Stellantis suspended its operating margin target to review its investment plans due to the potential impact of escalating tariff policies, while Swedish automaker Volvo Cars withdrew its 2025-26 targets after a 60% drop in first quarter profits, while announcing cost cuts and restructuring plans of its US operations, which will lead to more job and investment cuts by next year.

German auto firm Volkswagen lowered its 2025 operating profit margin target due to US tariff policies and potential EU emissions fines.

Japanese automaker Toyota Motor lowered its net profit target for the fiscal year 2025 from 4.77 trillion Japanese yen ($32.7 billion) to 3.1 trillion Japanese yen ($21.3 billion), while its earning per share forecast fell 34% with the strengthening of the yen, raw material costs, and tariffs.

US carmaker Ford Motor suspended its EBITDA target of $8.5 billion at the end of February and the company estimates the 25% tariff on car parts would reduce its 2025 EBITDA by $1.5 billion.

US automaker General Motors downwardly revised its 2025 EBITDA target from $13.7-15.7 billion for the end of 2024 to $10-12.5 billion in the first quarter of 2025.

US airline Delta Air Lines canceled its 2025 earnings per share estimate of $7 to set its second-quarter target at $1.7-2.3 due to demand visibility being “at record low.”

American Airlines pulled back on its 2025 forecast due to travel demand concerns that come with tariff, setting its EBITDA forecast for second quarter at 50 cents to $1, as higher fuel costs put pressure on profits.

The shipper UPS did not update its revenue and profit estimates for 2025 due to uncertainties, expecting a decline in global package traffic.

US-based construction firm Caterpillar released two scenarios for its 2025 annual sales forecast, saying that sales could rise under a tariff-free scenario but would show a slight decline with tariffs continuing. The company said it expects additional costs of $250-350 million in the second quarter.

PepsiCo revised its core EBITDA from a single-digit increase to a 3% decline due to rising raw material prices and currency fluctuations, while toymaker Mattel withdrew its 2025 sales target due to potential tariffs on imported toys.

Semiconductor manufacturer AMD said license conditions on artificial intelligence (AI) chip exports to China could reduce its revenues this year by $1.5 billion and its gross margin by 11 percentage points.