Donald Trump's surprising election and his promise to overhaulthe U.S. tax code set off celebrations across corporate America– but some industries barely applauded before theybegan gearing up for a fight.

Trump's win gave Republicans control of the U.S. government forthe first time in a decade and quickly drew attention to a tax planthat House Speaker Paul Ryan unveiled last summer with littlefanfare. Ryan's radical tax-code rewrite would replace thecorporate income tax with a 20% tax on businesses' domestic salesand imports; their exports would be exempt.

Cue the alarm bells for import-heavy companies like Wal-Mart,Target and Nike. Retailers, apparel makers, shoemakers, automakersand others unleashed one of their most robust lobbying and publicrelations pushes in recent memory against the so-called“border-adjusted” tax. Buttressed by more than 10,000 phone callsto congressional offices, by a parody-style TV ad that aired during“Saturday Night Live” and by a succession of Republicans who'veexpressed concern about the plan, the opponents' efforts appear tobe winning. So far.