General Motors lost more than $1 billion in profit due to tariffs in the second quarter — more than expected — and the company predicts total losses of $4 billion to $5 billion this year as a result of trade barriers.

The tariffs that have materialized in recent months haven’t been as bad as what was threatened. But with each new earnings report, there is a clearer picture of how exposed U.S. companies are to tariffs. 

Jennifer Luna is the owner of the Curious Bear Toy and Bookshop. Back in May, she said tariffs had her “stressed and scared.” Today, she said they are getting by — barely.

“I would not call us thriving in any stretch of the imagination,” Luna said, “but we're definitely finding a way through it, finding a way, at least for now.”

Luna said her suppliers have helped cushion the blow.

“They’ve been able to absorb some of it, and then they of course pass some on to us, and then we pass some of that on to the consumer,” she said. “Which is still a lose-lose for everybody involved, but it’s at least a way to survive.”

This is where a lot of businesses are at right now — they’re managing, not thriving.

“I don’t think the impact has been as bad as initially anticipated,” said Randy Paine, president of KeyBanc Capital Markets. “What we’re seeing is that companies are quite agile. They’re able to navigate moving their supply chains, obviously passing on price.”

How well businesses are coping has a lot to do with the industry. The defense sector is very insulated, packaging and retail are very sensitive, according to Moody’s.

“About 60% of U.S. retailers have high exposure,” said Christina Boni, senior vice president at Moody’s.

She expects price increases to become more visible in the third quarter, especially in retail.

“Home related good, home improvement furnishings and soft goods, apparel and footwear,” Boni said.

Even within that, some industries can cope better than others.

“It’s more difficult for apparel retailers to weather any sort of higher tariff than it is for footwear brands,” said Alex Straton, an equity analyst with Morgan Stanley.

That’s because price competition in clothing is ruthless, she said. It’s hard to raise prices there. But consumers seem more tolerant of rising prices for shoes. Straton said some strategies — like stockpiling — can only go so far.

“The inventory pull-forward is what makes me most nervous because there’s a short shelf life,” Straton said. “And so, it often comes with a discounting and margin risk down the line.”

So far, companies have been sharing costs, running through stockpiles, raising prices and that’s worked. Whether that will keep working depends on what new tariffs appear.