Wide-ranging trade policy uncertainties in 2019 will force companies to explicitly address their supply chain strategies both internally and with investors. Most businesses are less upbeat about the outlook for global trade than a year ago according to the latest sentiment surveys. Some companies will use the U.S.-China trade war to justify earnings guidance changes while others will use it to inform strategic change.

Out of 20 companies analyzed in detail subsequent to the 3Q earnings season eight (including Mitsubishi, Johnson Matthey and Electrolux) are relying on price rises t...