Wall Street stocks have fallen this month amidst the announcement of high tariffs on foreign imports to the US. This includes costs as high as 145% for most Chinese goods, and a baseline 10% tariff on almost all imports. The potential costs for US firms are large. Technology companies are expected to feel a squeeze as China-manufactured parts incur a surcharge. Other major manufacturers, including car companies, will be affected by ongoing tariffs on Canada and Mexico. Many vehicle manufacturers, who receive car parts from both neighbors, expect prices to increase in the next few months.
These tariffs have proven to be volatile; the most recent changes include a 90-day pause on retaliatory tariffs from the European Union and a US exemption to tariffs on smartphones and electronics from China. The instability of these policies may be creating opportunities for businesses. Recent lobbying disclosures show that many major US firms are responding to these policies through corporate lobbying. Lobbying on tariffs has surged nearly 50% since March. Meanwhile, lobbying for trade issues, taxes, and immigration are also up.
Companies that have recently spent on lobbying include technology conglomerates like Apple, which disclosed $40,000 in lobbying on trade in April, and multinational shipping companies like FedEx. Other key lobbyists in the past month include Microsoft ($MSFT), Walmart ($WMT), and Best Buy ($BBY).
So far, at least $800,000 in lobbying spending for trade issues has been reported this April. Previous spikes in lobbying activity include the inauguration period in January and the announcement of the suspension of World Trade Organisation (WTO) contributions in early March.
Here are some of the key players this month for trade and tariff lobbying:Companies like Etsy, an American e-commerce company, are lobbying on trade-related issues. The e-commerce site, known for vintage and hand-made goods, spent $40,000 on lobbying this month. Competitor e-commerce company eBay has also lobbied on issues related to foreign trade. Ebay disclosed at least $30,000 on monitoring both trade agreements and trade barriers in April. Considering the role of Chinese imports on e-commerce, the potential impact of tariffs on American shopping sites is large. A 2024 annual filing by Amazon shows that almost 50% of the top sellers in the US are based in China, which will receive tariffs as high as 145%. Companies like Etsy and eBay will expect to see changes in their consumer and producer outlooks as the tariffs continue.
Shipping conglomerate FedEx also disclosed $80,000 for the monitoring of international trade issues and executive orders on trade. $FDX is down 17% this month as concerns over falling imports to the US grow.
Meanwhile, technology companies are also lobbying: Microsoft reported $30,000 in lobbying this April, including for monitoring trade agreements and immigration policy. This was prior to the exemption of smartphones, computers, and many other electronic devices from the “reciprocal tariffs” imposed on imports from China. Since the announcement, big tech stocks like Microsoft, Apple, and Meta have recovered some of their losses from the previous market crash following the tariff announcement.
As tariff policies continue to shift, we expect lobbying for trade, tariffs, and foreign policy to carry on the upward trend. So far, the main players in trade lobbying have been technology companies, e-commerce, and manufacturing. These industries are likely to continue spending on lobbying to push their interests in DC as the market adjusts.
All data and figures on tariff lobbying have been retrieved from Quiver Quantitative’s corporate lobbying dashboard.
