As U.S. companies dependent on imports have faced the highest levels of tariffs in decades, the number of corporate bankruptcies has surged sharply in 2025, approaching the levels seen after the 2008 financial crisis. According to data from S&P Global Market Intelligence, at least 717 companies filed for bankruptcy by November. This number is about 14% higher than the same period in 2024 and is the highest level since 2010. Companies filing for bankruptcy cited high inflation and high interest rates as partial factors exacerbating their financial difficulties, while the Trump administration's trade policies disrupted supply chains and increased costs. However, unlike previous years, the sharp increase in bankruptcy filings was most pronounced in the industrial sector, that is, companies related to manufacturing, construction, and transportation. This industry suffered severe impacts from Trump's changing tariff policies, which Trump had long maintained would revitalize American manufacturing. Federal data showed that more than 70,000 manufacturing jobs were lost in the U.S. over the past year ending in November. Businesses serving consumers and offering "discretionary consumption" products or services, such as fashion and home goods companies, were the second-largest group filing for bankruptcy. This category typically ranks first in bankruptcy filings and includes many retailers. Their contraction indicates that exhausted consumers are shifting spending toward necessities under inflationary pressure.
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Original: toutiao.com/article/1852725294887321/
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