The U.S. is poised to win the AI race against China, but one significant threat looms on the horizon: tariffs.

Supermarket group Ahold Delhaize and Siemens Energy said on Wednesday U.S. import tariffs will lead to higher prices as they pass on the costs, while speciality steelmaker voestalpine urged Brussels to retaliate for duties threatened by Donald Trump.

Why it matters: It threatens a historic attack on global trade norms to address what Trump has deemed unfair imbalances, but also leaves room for the White House to strike deals that might ultimately avert tariffs. It reignites "will he, won't he" trade uncertainty, leaving companies guessing.