The early winners in President Trump’s trade wars are finding that victory can be bittersweet.

Unlike many American corporations, companies in industries like steel, aluminum, lumber and home appliances asked Mr. Trump to raise tariffs or backed his trade policies. These businesses, which include United States Steel, Century Aluminum and Whirlpool, had long complained of unfair foreign competition, often from Chinese companies that they argue benefit from unfair government subsidies .

Now, while tariffs are making some products more expensive for consumers, the American companies that sought them are investing in production and hiring workers. And while trade tensions appear to be slowing the global economy, these companies say they are more optimistic.

As is often the case in business, though, not everything has gone to plan. There are signs that some of the companies have expanded too fast. Partly as a result, the prices of their products are falling. And some have found that the tariffs, while helpful, can’t solve their most pressing problems.

Steel, lumber and other companies are investing

Executives who support the Trump administration’s tariffs say they now have the confidence to expand. They are less worried that a torrent of cheap imports will devastate their businesses.