Tiffany and Brown-Forman have seen their earnings hurt by trade developments.

The luxury jeweler did beat earnings estimates, but they noted that “geopolitical developments” including protests in Hong Kong are currently affecting their earnings and will continue to going forward.

Tiffany’s reported earnings of $1.17 per share, beating analyst’s estimates of $1.04 by a healthy margin. The company mentioned that the Hong Kong protests, which have been ongoing since June, will continue to put a drag on their earnings.

The other company, Brown-Forman, has reported similar things regarding their own earnings. The maker of Jack Daniels also posted first-quarter earnings that beat analysts’ forecasts, but they also made note of the fact that tariffs are hurting their bottom line. The company’s earnings of $0.39 per share beat analysts’ estimates by $0.02, but the company reports that they will likely be impacted by tariffs going forward.

Both of these companies have had a good start to 2019, but the concerns going forward are the same. Tariffs imposed by both of the world’s two largest economies will continue to affect the bottom lines of Brown-Forman and Tiffany’s. Consumers and businesses on both sides of the Pacific are now being affected by tariffs. The Business Roundtable, a group representing the largest companies in the US broke their silence and came out with a warning that if the trade war doesn’t let up, the economic pain will be coming.