There’s no question that some American companies are feeling the bite of the trade war that the Trump administration is waging against much of the world.

As others have reported, a Missouri nail factory is laying off people because of tariffs on imported steel; Harley-Davidson plans to move some production to Europe in response to retaliatory tariffs; soybean farmers face a loss of income resulting from new Chinese import taxes.

But it’s a mistake to assume that difficulties of individual companies and industries are the same as a force powerful enough to bend the overall trajectory of the United States economy.

“The direct effects on the U.S. economy are small, because the economy is really big and it is mostly domestically driven,” said Beth Ann Bovino, chief United States economist at Standard & Poor’s Ratings Services. “Still, tariffs hurt, and we’re starting to see some precursors of an impact already.”