Months into President Trump’s escalating global trade war, a subtle shift is underway in corporate America’s boardrooms. Executives are sounding less alarmed about tariffs during earnings calls, with mentions of tariff-related risks dropping sharply from earlier peaks this year. The Wall Street Journal’s analysis of over 5,000 earnings calls from U.S. public companies through Nov. 14 shows the share of calls addressing tariffs where executives flagged risks fell from 60% in Q1 to under 20% by late fall, per data from NL Analytics.

This mellowing tone comes as actual tariff payments—about 12% of import values in October, per Oxford Economics—prove lower than headline-grabbing announcements like 125% duties on China or threats of 100% hikes. New trade deals, Supreme Court skepticism over Trump’s tariff authority, and targeted rollbacks have eased the pressure. Companies are also adapting: securing exemptions for items like cocoa and auto parts, passing two-thirds of costs to consumers (down from nearly 100% in Trump’s first term), trimming expenses, and reshuffling supply chains.

Tariff Talk Fades from Center Stage

David Maura, CEO of Spectrum Brands, captured the sentiment on a recent investor call: “We believe that the worst of the tariff and economic disruptions to our businesses are now behind us.” The consumer-products maker, which sells pet food and insect repellent, reflects a broader trend. LiveMint reports that Trump’s trade war remains a pain point but less severe than executives anticipated, with relief on auto parts and cocoa (LiveMint).

Parag Thatte, a Deutsche Bank equity analyst, notes, “What they’re saying is the tariffs are manageable for them.” Big firms entered 2025 with robust margins, absorbing hits that smaller players can’t. Oxford Economics’ Bernard Yaros pegs consumer pass-through at two-thirds excluding food and energy, a moderation from prior levels.

The WSJ chart of risk mentions tracks key events: inauguration spikes, China tariff escalations, ‘Liberation Day’ duties on pharma and trucks, offset by suspensions and court hearings. Post-Nov. 14 data from recent calls reinforces this, with Fortune noting CEO confidence rebounding amid tariffs, though geopolitical risks linger (Fortune).

Auto Giants Navigate the Tariff Maze

Ford Motor’s journey exemplifies adaptation. CEO Jim Farley warned in February that proposed tariffs “would have a huge impact on our industry, with billions of dollars of industry profits wiped out.” By May, after ‘Liberation Day’ tariffs, Ford projected a $1.5 billion net hit to 2025 earnings before interest and taxes, later revised to $2 billion.

Fall brought relief: an expanded U.S. program offsetting duties on auto parts halved Ford’s estimate to $1 billion. Higher duties on medium- and heavy-duty trucks—rivals’ pain, not Ford’s—further brightened the outlook. On its late-October call, Ford’s tone shifted neutral per NL Analytics, with executives highlighting competitive edges.

Tax Foundation estimates Trump tariffs equate to a $1,200 annual tax per U.S. household in 2025, yet Ford’s mitigation underscores industry resilience (Tax Foundation). J.P. Morgan Research highlights evolving impacts, with supply-chain shifts gaining traction (J.P. Morgan).

Chocolate Makers Catch a Sweet Break

Hershey faced dual threats in Q2: cocoa import tariffs amid soaring prices and potential Canadian retaliation. By late October, executives projected a $200 million tariff exposure jump in 2026, as blanket cocoa exemptions faded. Yet CFO Steven Voskuil detected “maybe a little bit more optimism on tariffs” alongside stabilizing cocoa costs.

Optimism validated: mid-November White House exemptions for cocoa and dozens of foods slashed Hershey’s exposure, with cocoa comprising over half. A Hershey spokeswoman confirmed: “Cocoa was more than half of our total exposure, so the tariff impact has improved for ’26.”

CNBC warns of freight market rollover from plummeting Chinese imports, signaling a ‘structural goods recession’ that spares food exemptions (CNBC). Posts on X echo this, with users citing WSJ’s call analysis as CEOs grow ‘more comfortable’ with tariffs.

Cabinetry’s Hardwood Headache Persists

MasterBrand, North America’s largest residential cabinet maker, stayed measured in May: CEO David Banyard said, “I don’t think the tariffs are having a massive amount of impact particular to our business. We’re insulated a bit more than other industries.” Mexico-sourced bathroom vanities offered some buffer.

Late September’s 50% tariffs on cabinets and vanities, plus October lumber duties, changed that. Q3 gross margins fell nearly a point; full-year impact could hit 8% of net sales pre-mitigation. Banyard stressed timing: “That is the hardest part of this tariff regime. It comes in fairly quickly, and it takes us time to mitigate it,” planning price hikes and supplier renegotiations.

Reuters covers Trump’s China focus, with billions in tariffs aiming to curb deficits and fentanyl, though market selloffs follow escalations (Reuters). Business Insider compiles CEO quotes, revealing wallet worries but mitigation strategies.

Broader Market Signals and Political Tailwinds

Wall Street’s mixed: BofA sees 10% S&P 500 earnings cuts from tariffs, dropping targets to 5,600 (X posts from Walter Bloomberg). Yet Fundstrat eyes V-shaped rebounds post-clarity, and ServiceNow’s CEO calls tariffs profit-positive (Newsweek). German markets hit highs despite U.S. risks, per Business Standard.

Affordability concerns ahead of 2026 midterms prompted rollbacks: 40% drops on Brazilian ag products, plus beef and coffee duties. Supreme Court hearings questioned broad levies, per Bloomberg. Freight declines signal holiday shipping slumps (CNBC).

CEO confidence rises per Fortune/Deloitte surveys, with Kiplinger noting Wall Street execs viewing tariffs as navigable. X sentiment splits: analysts halve earnings growth forecasts (David Frum), but adaptation tales dominate recent chatter.

Mitigation Mastery Shapes the New Normal

Large caps lead: healthy margins absorb shocks, per WSJ. Smaller firms lag, but overall, tariff frequency in calls plummets. Oxford Economics’ real-payment data—10 points above January but below peaks—validates calm. J.P. Morgan tracks constant evolution, urging supply-chain agility.

Pass-through dynamics evolve: two-thirds to consumers, with food exemptions shielding staples. Political calculus favors relief, as Tax Foundation’s household hit underscores voter pain. Executives’ neutral-positive shift in NL Analytics data heralds resilience amid uncertainty.