Track how companies discuss tariffs and trade policies in their earnings calls, and understand their impact across different industries and regions.
While U.S. tariff policies remain fluid and require careful assessment in the event of any meaningful changes, we do believe that the current tariff of imports of our hydra to the U.S. will be deminimis to our overall cost of goods sold.
Despite the high level of uncertainties driven by the turmoil in duty tariffs and their potential adverse impact on global trade.
The overall market experienced uncertainty due to tariffs and related policy shifts.
The recent market turmoil and oil price volatility has delayed new employment opportunities for the rig, which is impacting our near term financial results.
The tariff and trade uncertainties are creating very dynamic operating conditions, but we are well equipped to manage through these challenges.
the uncertainty of tariffs has led to a dramatic decline in the U.S. Pacific market.
CAE is well insulated from direct tariff impacts. Approximately 70% of our CAE's total revenues come from services delivered within our customers' own countries, which significantly limits our exposure to cross border tariffs.
the current tariff structure introduces new headwinds
We believe that export tariffs do not represent a risk to our revenue because direct international sales represent less than 1% of our revenue.
Given the significant uncertainty that tariffs create concerning potential shifts in consumer demand and rising product costs, we believe limiting our outlook to the first quarter of fiscal '26 is prudent.
We continue to monitor the impact of tariffs and other federal trade policies on international trade relationships between the United States and many countries throughout the world, most notably China, Mexico and Canada, very closely.
we expect, no meaningful impact to our results as a result of the current tariff environment
The ongoing discussions and pending decisions surrounding potential incremental tariffs in the United States introduce a considerable degree of uncertainty into our planning and may create a dynamic market environment.
the tariff policy does not directly affect us in any material way as most of our sales are not targeted at the US market and our manufacturing is based in Israel and Europe.
We have completed a review of our supply chain and find that there is almost no direct impact to us under the current tariff rules as we know them today.
Our exposure to tariffs can be broadly bifurcated in two categories; one, exposure related to tariffs imposed by the United States, which could potentially increase the cost of raw materials and fabricated modules we use to construct our facilities.
we have virtually no material tariff-related exposure.
We are holding our current hardware pricing for U.S. customers steady despite new tariffs being imposed on imports to the United States.
we thought it best to take a more prudent approach to those very strong metrics we were seeing coming out of the first quarter and apply that to the guidance as we move forward here
we are projecting minimal exposure on our US cabozantinib business. Our cost of goods sold is approximately 4% from net product revenue and three of those four percentage points is royalty owed to a third-party.
the impact of tariffs and declining consumer confidence and spending are fueling fears of a recession.
Given the significant uncertainty that tariffs create concerning potential shifts in consumer demand and rising product costs, we believe limiting our outlook to the first quarter of fiscal '26 is prudent.
We are confident that the tariff measures currently under consideration by the administration will have minimal impact on our financial results.
Thanks to our early and deliberate effort to lock in vehicles at highly favorable economics ahead of tariff implementation, our model year 2025 fleet is shaping up to be transformative for Hertz as those vehicles currently have a DPU of sub-300 prior to the benefits associated with tariffs.
the current uncertainty stemming from the trade tariffs could pose challenges that we expect these potential challenges to be relatively limited
Despite the uncertain market backdrop, the portfolio is performing very well and we continue to be pleased with the quality of our loan book.
For HighPeak, the biggest effect tariffs have on our immediate cost is on OTCG products, i.e., casing and tubular goods.
recent actions from the current administration have increased duties on Chinese imports that impact our core product lines like GenDrive.
We are also seeing momentum building in the second quarter for both payment cards and Arculus, and we anticipate this sustained growth trajectory will carry through the remainder of the year. ... We are mindful of macro headwinds, including rising labor costs and broader economic uncertainty.
We are yet to see the impacts from confirmed tariffs on prices for cars globally and consumer demand.
We don't really expect, frankly, any direct exposure from tariffs.
Our strategic approach to US-based sourcing and manufacturing has significantly shielded us from the current tariff uncertainties affecting global trade.
At this time, we do not anticipate any material impact. However, we remain vigilant in monitoring the situation.
this year's unmitigated impact would be approximately $25 million, an increase of $20 million versus our last call.
the outlook for the second half of the year is highly dependent on the course of trade policy, and we would not expect to be immune from any reduction in end demand related to tariffs.
Even if tariffs were depending on what the range of tariffs could be, it's on a very small percentage of our overall cost of goods at the API level.
given the current macroeconomic and tariff uncertainty, potentially impacting retailer sales.
We’ve put all the factors into the mix including the current known scenario regarding tariffs and their impact.
We have undertaken an initial review of the impact that tariffs may have on our business.
We can confidently report that we don't have material exposure in the near to midterm to any tariff-related price increases nor do we believe there is a substantial risk to our supply chain.
On the tariff front, we're in a good position to manage through the current uncertainty and minimize the potential impact to our business.
This increase over our previous estimate of $19 million to $21 million per satellite is primarily driven by higher launch costs from our announced near-term launch schedule as well as higher direct materials costs due to recently announced tariffs.
We do not anticipate that our Q1 volumes are purely indicative of the longer term trend, in particular as it relates to auto. We are of the view that what we likely experienced with some pull-forward of demand as selected consumers sought to get ahead of the potential impact of tariffs on auto prices.
We've seen minimal impact to date across the portfolio.
we don't currently believe either tariffs or Medicaid reform represent any material financial impact.
For CPI, tariffs have not and are not expected to be a significant issue for the business as most of our supply chain and raw material inputs are sourced domestically.
Increased economic uncertainty, exacerbated by significant shifts in trade policy in recent weeks, is expected to produce continued volatility.
we don't expect tariffs or global trade war to have a material impact on our current operations and are therefore very confident reaffirming our 2025 financial guidance.
High sustained tariffs will have a damaging effect to prices that will negatively impact many producers.
Currently, the energy product imported into the United States from our Canadian operations are exempt under the USMCA, limiting the direct impact of tariffs on our business.
We are positively in a relative to our pairs well positioned with over 90% of our revenues coming from finished goods manufactured in the U.S. And less than 5% direct reliance on China.
We expect tariffs to have about a 2% impact as we move forward, and we will incorporate any changes into our capital allocation and prioritization process.
We understand that one of the main risks in today's environment is a global economic slowdown due to the current tariff situation, which could impact uncoated freesheet demand.
The uncertainty around these actions, along with retaliatory tariffs imposed by other countries, have introduced increased volatility in global trade policies and supply chains.
we're in a little bit of a wait and see with the impact of tariffs.
Pembina does not expect any material impact to its guidance from tariffs on U.S. energy imports.
The tariff situation remains dynamic. Should the tariffs be widespread and more durable, there could be secondary and tertiary impacts on the portfolio.
Changing tariffs and trade policies are causing currency variability, impacting supply chains and tightening enterprise and government budgets.
The recent tariff actions and volatility in capital markets have slowed what was an active M&A pipeline for us.
We just look up, we took a prospective look with respect to where there could be impacts and just from high exposure.
despite the significant current market uncertainty associated with tariffs and geopolitical events, we continue to be confident in the ability of our portfolio companies to successfully navigate the current environment.
We estimate our total tariff exposure is approximately 1% to 2% of our $11.5 billion updated capital expenditure plan, prior to further mitigation by our team.
It's really these reciprocal tariffs that are a little bit of an unknown because there's Chinese content, for example, in lots of things.
We believe that in the short term, the direct impact of these policies will be mild.
We're seeing at least in that particular project, an increase in the cost.
we feel good that our key products are either exempt at this point in time or we are in a good position to manage through it.
In short, we do not currently expect any meaningful impact on our royalties from tariffs as we would expect potential tariffs to be paid upstream of our royalty.
We believe our strategy enables us to successfully manage through the current tariffs environment, which presents challenges, but also creates real opportunities.
While we hope the current tariff situation proves to be transitory, we have pivoted quickly to redirect our products away from countries that have established retaliatory tariffs.
we have also adjusted certain supply chain channels in order to substantially minimize our exposure to tariffs.
the most likely areas of our business impacted by tariffs are commodities, supplies and equipment.
We are closely monitoring the tariff landscape... we do not anticipate this is going to have a material impact on our fiscal ‘26 guidance.
Despite a more complex global trade environment, our second quarter outlook indicates that business conditions are maintaining positive momentum.
companies around the world grapple with tariff uncertainty and the impact on their business as well as on the global economy.
I don't see that as something that would derail the projects as we look at it today.
if tariffs were to be expanded more broadly into pharmaceutical products, we do not expect a material impact to our Captisol business or to Ligand more broadly.
Thanks to proactive procurement, CleanSpark is well-insulated from near-term tariff risks.
The current run rate of tariff-related cost is between $8 million and $12 million for the balance of year or up to $20 million if all suppliers implemented surcharges.
Therefore, we believe that for the time being, we are substantially insulated from the impact of tariffs.
Just like everyone in our industry, we expect to be affected by the recently announced tariffs.
we haven't seen any impact of tariffs...
The direct and indirect effects from tariffs are the primary issue impacting us, our customers and our end markets today.
The tariffs... created some volatility, which often benefits us, but it was very short-lived.
We are in communication with our franchisees and at current tariff levels do not see a material impact to our 2025 targets.
Less than 5% of our cost of sales is projected to be impacted by tariffs, with the majority of the impact related to purchases of aluminum and steel using our railing and fastening products.
We estimate the gross impact of tariffs that have been implemented by the US... will be nearly $150 million for 2025.
With the incremental 1125% Chinese tariff, and our Chinese sourced goods subject to a tariff of at least 145% in some cases, up to a 70%, we've determined there's no way or no playbook that we can use to cover these incremental costs.
As things stand the direct impact of tariffs on News Corp is expected to be immaterial.
Many of them have gotten ahead of the whole tariff impact by bringing inventory here sooner.
We have not seen a material impact on our business related to tariffs.
Early April brought heightened equity and bond market volatility following the announcement of new tariffs.
If the incremental 145% tariff on China remains in place, along with the 10% on all other sourcing destinations, this would imply a cost of approximately $130 million on an annualized cash basis based on our current sourcing mix.
We expect those diversified sources to help us better manage and mitigate tariff risks.
we've actually seen it really in the range of postponements.
we do not expect material impact on our operations. Recognizing this is an evolving situation, we are closely monitoring developments and committed to minimizing any potential impact on the business.
Q2 is slightly worse from an AMS perspective than what we saw in Q1... that may be impacted by the tariffs and the overall trading policies.
At present, the direct impact of existing and proposed tariff policies to Synaptics is minimal.
In this new period, we think the strategy we set forth many years ago... becomes even more important for our future success.
We continue to keep an eye on inflation and potential tariff related supply chain disruptions, but we believe that the product positioning and attribution capabilities help advertisers really justify that spend.
Peloton and Precor branded equipment are currently subject to a 25% tariff on their aluminum content.
We are monitoring the evolving situation and staying closely connected with our suppliers to source alternative products where appropriate.
Macro uncertainty including around global trade policy may contribute to softer crypto trading markets and lower asset prices as we enter the second quarter.
we don't expect a material direct impact on the known tariffs on our input costs.
Our exposure to tariffs is about 75 basis points for the second quarter of 2025.
we are estimating an impact of approximately 50 basis points from tariffs to gross margin this year.
With China's sweeping tariffs and export restrictions, that geopolitical fault line has now become a commercial reality.
The direct impacts of tariffs are relatively modest. However, the indirect impacts, including the impact on consumer confidence, are significant.
With what we know today, we expect the impact to be minimal.
Overall, we do not see tariffs as materially impacting our business through supply chain disruptions or from a cost increase perspective.
We expect minimum impact. The U.S. is targeting a rising percentage of U.S. LNG exports to be transported on U.S. flags...
There have been small pockets of spend that have been impacted by tariffs in recent weeks.
Based on what we know today, if our efforts pan out, we will see a COGS impact of around 100 basis points or less in most cases.
Obviously ongoing government layoff announcements combined with a whipsaw tariff policy can possibly be a good thing for business investment consumer confidence and will likely lead to broader inflationary pressure later this year and next, but we haven't seen or felt it yet.
Relative to existing tariffs that are announced, not really an impact for us on costs.
We have a tremendous procurement team that is helping us navigate pricing and supplier options as well as excellent marketers and F&B operators who are adjusting promotions and F&B offerings to mitigate cost increases.
Uncertainty brings lots of unknowns. Unknowns actually lead to stifling growth.
It's still early to assess the full impact of the current trade environment.
We are working with our suppliers to reduce any potential tariff impacts.
Since our last update, the U.S. government enacted a baseline import tariff of 10% with significantly higher rates for certain countries. These tariffs are increasing cost for Illumina.
Generally, in our performance suite arrangements, we have clauses that allow us to update our capitation rates in the event of a significant change in unit costs, which a tariff like you indicate would certainly count as.
We've been closely monitoring the tariffs that have introduced heightened uncertainty and volatility into the market.
As we evaluate trade tariffs and potential amendments to federal legislation, we do not expect material impacts to our 5-year outlook.
the uncertainty out there, obviously, is tariffs. We are in the 90-day hold period, but a lot of uncertainty on the back end of this, what that does to overall cost structure.
we expect the 2025 net impact of tariffs to be approximately $10 million above two-thirds within our Aerospace & Industrial segment and one-third in Naval & Power.
We expect minimal impact to the electricity segment project development due to its limited exposure to China and the improved permitting process expected to be implemented in the United States.
Some of the price increase we've seen, whether it be urea or UAN, may be from the imposition of tariffs from those countries that have the 10% imposed on them.
enterprise tech debt isn't going away because of potential tariffs or other geoeconomic factors.
the direct cost impact to Corteva in 2025 should be about $50 million, which we believe is manageable.
the ongoing uncertainty around tariffs has weighed on economic forecasts, inflation trends, consumer sentiment and business planning.
At this point, there is significant uncertainty about the viability, scope and timing to implement such proposal.
the announcement of new and changing trade policies since February has injected uncertainty into our industry and our end markets.
In a weird way, even though there tends to be tariffs and/or sanctions on a lot of Russian product, Russian fertilizer comes unabated into the U.S., with no tariff regime at all.
We continue to maintain our guidance... factoring also the discussion around tariffs in the world.
the complexity related to potential tariffs has created a new array of challenges for our customers, including rising costs, a need to rapidly react to changing prices and fluctuating inventory levels.
I want to acknowledge the ongoing uncertainty in the macroeconomic environment driven by factors that could influence our business, including regulatory and policy changes, shifting consumer sentiment, tariffs and evolving government initiatives.
We're not seeing that right now. Our deliveries are going to be what we have communicated.
there are some noteworthy headwinds facing the industry, stemming from several factors, including OPEC+ production increases and U.S. tariff initiatives that have created global economic uncertainty.
The impact of tariffs to our business in the current quarter is not expected to be significant.
Let me be clear, these unprecedented tariffs have a real effect on our business and they will drive our prices up.
If tariffs drive up car prices, all else constant, that's bad.
tariffs are a pass-through cost... we do procure raw materials from China and other countries that may still be impacted by higher tariff, so this does add costs that we will ultimately pass-through.
we’re off to a strong start this year against a dizzying backdrop of headlines on trade and economic policy.
The impact of enacted tariffs on our Q2 results was minimal with increased cost offset by price and supply chain moves.
the estimated impact of incremental costs associated with tariffs
Tariffs are modest in our software-centric business and have thus far been offset with pricing.
we are closely monitoring the tariff situation and will take steps to mitigate any adverse impact it could have on our business.
The Section 232 tariffs have truly enabled a new future for the U.S. aluminum industry.
The recently announced tariffs have introduced a new level of uncertainty.
Our accounts remain cautiously optimistic following the tariff announcements as countries continue to prioritize infrastructure funding, some even more than before.
We are prepared for tariffs, given our long-time global operations and investments in local-to-local manufacturing.
We faced real challenges, political and regulatory uncertainty, long interconnection queues, tariffs, supply chain challenges, and rising costs...
the potential impact of tariffs and severe weather events are making it more complex to operate.
The tariff situation is dynamic... Neither DNOW nor our key suppliers have dependency on Chinese imports for pipe, fittings and flanges.
If I think about tariff impact for us, with most of our contracts allowing tariffs being passed through, you'll actually see increases in revenue associated with that, but it'll be a drag on gross margin because it's pass-through revenue.
However, given tariff related economic uncertainty, we believe there could be some dampening of growth rates from current levels.
We expect the series of tariffs in place today to create cost headwinds of approximately $1,000 to $3,000 per subscriber in 2025.
A few additional very large deals with higher concentration in Digital Operations were pushed out in the latter part of March and April due to supply chain and tariff related uncertainty.
We have not experienced any disruption from tariff actions to date. We continue to assess our exposure, which is currently not looked at as material.
Tariff uncertainty slowed down major infrastructure investments, but also drove demand for client devices and greater focus on expense elasticity.
I know macroeconomic uncertainty, including the impact of tariffs, is at the top of every investor’s mind at this moment.
Based on the regulatory environment as we know it to-date, we believe our annualized exposure to tariffs before mitigating actions is approximately 2% of sales or 3% of cost of goods sold.
Preliminary estimate of tariff-related costs is expected to increase our annual expenses by approximately $150 million to $200 million.
BBSI has minimal to no direct exposure to tariffs. However, we have indirect exposure if this causes our clients to reduce or increase their workforce.
Recently enacted tariffs are currently causing some customers to delay shipments could impact future end market demand and has also resulted in an increase in certain costs.
We haven't seen a big impact of related to the tariffs in the U.S.
Our initial estimates are that U.S. policy changes to federal research funding, lower China stimulus funding release and some temporary revenue impact of new China tariffs on revenue will amount to an approximately $100 million gross headwind to our organic fiscal year 2025 revenues.
At this time, we estimate that the impact to Amphastar under the current tariff situation is an increasing cost of about $500,000 per quarter.
We believe ADMA is uniquely insulated from the tariff and trade volatility potentially affecting our multinational competitors.
we're working very closely with our customers to mitigate impacts of tariff actions
Although we do not anticipate current tariff announcements to have a direct impact on our ability to manufacture and sell our products and services to our global base of customers; unique geopolitical and trade dynamics have created near-term order hesitation in certain capital equipment markets.
Our business is not subject to any material impacts from the tariffs that have been announced to date.
the latest noise is tariffs which does impact transactions.
Banks and credit unions are generally concerned about the impact of tariffs on their commercial clients, especially SMBs.
While trade continues to grab headlines, I can't emphasize enough that Mosaic is built for the long haul.
We primarily source our steel in the U.S. and our USMCA compliant products that are made in Mexico are exempt from tariffs.
Global trade uncertainty resulting from threatened tariffs and port fees disrupted typical grain flows and negatively impacted commodity values.
We expect to fully offset the anticipated $200 million of 2025 tariff impact through a combination of supply chain opportunities, cost-out activities, and strategic pricing actions across all of our channels and brands.
there was obviously a lot of uncertainty around the impact of U.S. tariffs
We are absorbing whatever tariffs we do have to deal with from China and other things.
we do not expect any material impacts to cost of the project from tariff announcements.
Despite macroeconomic conditions and tariff impacts, our ability to expand market share in IT and AI remains strong.
Tariffs are also top of mind as we look ahead to the rest of 2025.
The current tariffs announced and effective as of the end of April had little impact in the first quarter and are expected to have minimal impact on our business for the balance of the year.
Right now, we're not seeing any effects. Obviously, as you know, a lot of the tariffs have been paused and we haven't seen any changes in consumer behavior even if there are changes in consumer sentiment.
Our business is not directly impacted much by U.S. tariff policy.
the main near-term risk in our estimation is reinflation, as any persistent tariffs placed on a significant share of our import economy will make things less affordable for consumers, a clear negative influence on credit.
We are a domestic manufacturer with primarily locally sourced raw materials and expect a limited direct impact from the recently announced tariffs.
We do not expect that tariffs will have a material direct impact on our operating results.
We've seen -- we haven't seen necessarily the pull forward. I don't doubt that that would happen if companies are trying to buy ahead of potential tariffs.
the implementation of significant and broad-based tariffs presenting considerable challenges for our sector.
We continue to carefully monitor our clients for potential tariff or government policy-related impacts, but to date are not aware of any significant issues.
Uncertainty causes a lot of business leaders to kind of slow down or pause decision-making, particularly around kind of capital-intensive project-based work.
We have not seen any material impact on our business, but it is fluid, and the rules are still subject to change.
Our revenue guidance range is approximately $15 million lower than it would have been due to the timing of shipments affected by the tariffs.
The tariffs currently in place could increase our input costs by $4 million to $6 million on an annualized basis, if not mitigated by pricing, alternate sourcing or other strategies.
We believe our exposure to be minimal and manageable.
Recent US tariff activity has introduced a broader level of uncertainty in the market related pricing levels and inflation expectations in general.
Although the situation remains fluid, we are taking efforts to mitigate the impact as best as we can.
Unfortunately, we're slow in the first quarter, and so it's hard to really see that in our volumes... but probably Hawaii, California would be our strongest markets on the private.
We acknowledge that tariffs have introduced uncertainty into our markets and into our financial plans.
we are well positioned to navigate the shifting geopolitical landscape, including the potential impact from proposed new tariffs.
We do not expect an impact to second quarter results due to recently announced policy changes and mitigating actions have been put in motion that will begin in the third quarter.
if a tariff were applied to our entire unit cost, it would be immaterial, estimated to be less than a 1 percentage point impact on our cost of sales.
We’ve assessed the direct impact from the dynamic tariff situation and it is expected to be immaterial to our business in 2025.
Tariffs represent a 210 to 250 basis point impact to operating margin and a $0.45 to $0.50 impact to EPS.
Certainly no material impact in FY ‘25. And when we look at country exposure, we don't see any direct impact from tariffs on China or Mexico or Canada.
We are closely and thoughtfully monitoring developments. We are also actively working across our supply chain with the goal of supporting our customers’ needs as they evolve.
As a result, we are reducing the ranges for our full year 2025 non-GAAP EBITDA and non-GAAP earnings per share guidance to reflect that currently expected partial year potential impact from tariffs net of our planned mitigation efforts.
the ultimate impact of tariffs may be most felt in an easing of global GDP, we remain optimistic this will be a temporary phenomenon.
We expect it to be a net beneficiary since most of what we make and sell originates with materials, labor and equipment in the same geography.
We are actively monitoring the daily movement on tariffs and see a potential for minimal impacts to our parts and materials business once we begin to work through current inventories.
the headwind we are experiencing is from slower macroeconomic growth and its impact on our organic transaction volume.
the uncertainty around tariffs and the impact on the consumer create challenges for the balance of the year.
Given our current understanding of tariff policy, and based on the indications provided by our manufacturers, we expect that any impact of tariffs on our 2025 results is likely to be manageable.
Given the professional services nature of our work, tariffs are not expected to directly affect our business.
NMFC has only 2% exposure to the sectors most at risk for tariffs, versus a 13% exposure for our peers on average.
Because our business activities are domestic, we are largely insulated from the impact of imported goods and materials.
We called out tariff impact of about $30 million on a direct basis.
Broadly speaking, the general economic uncertainty caused by tariffs and what that could mean for consumers has shaken their confidence and willingness to make large purchases.
we expect to be largely insulated from material tariff impacts through 2025.
We are working with our supplier partners to minimize tariff impacts.
we've been working closely with our customers to assess the impact of potential tariffs.
we are updating our full year organic operational adjusted net income to a range of 5% to 7%... our outlook does not include any potential impacts from future tariffs as it’s still too early to know how the situation will unfold.
On the tariff front, we're evaluating the impacts of tariffs on our supply chain and capital plan.
Regarding tariffs, we remain focused on supporting our clients as they assess potential supply chain challenges.
We believe we will remain in a good position from an overall cash, liquidity and balance sheet standpoint with adequate flexibility to pursue M&A or continue to return cash to our shareholders via dividends or share repurchases.
We are well positioned to limit the net impact of the newly announced tariffs to a modest $10 million on our 2025 adjusted operating margin.
We do believe that the biggest impact of our reduction in RevPAR in the U.S. and Canada for the rest of the year is all about continued reduced government nights.
we are closely monitoring the ongoing tariff negotiations and their potential impact on the global economy.
The second quarter, we are required to pay our income taxes, and the net financial position will reflect dividend distribution of approximately €530 million, and the 2025 euro bond repayment for roughly €450 million, both falling due during this month of May.
We believe we are in markets and geographies that have strong sustainable growth.
While we remain mindful of ongoing uncertainties related to tariffs and consumer pressures, particularly in the U.S., we are confident in our ability to proactively manage these challenges.
We expect our mitigation actions... to neutralize the impact of tariffs on our 2025 adjusted EBITDA and earnings per share.
we estimate a negligible impact on O&M, and roughly a 1% to 2% impact on our CapEx, including fuel for 2025 and 2026.
The uncertainty that tariffs inject into the trucking and freight market give us further pause to call for a rebound in our business.
government policy and tariff changes are affecting enterprises across The U.S. and around the world in different and complex ways.
IQVIA’s direct exposure to tariffs is limited primarily to certain supplies in our laboratory business and is immaterial financially.
Based on current policy, a portion of our input costs could be subject to future tariffs with the majority of this potential impact from dairy protein sourced from New Zealand and the EU.
We estimate an annual net cost impact of €250 million to €300 million after substantial mitigation.
The insurance business is a defensive sector that is less impacted by tariffs than most other industries and Palomar is no different than its peers in that regard.
We’ve also been preparing for macro shifts like deglobalization for several years.
We currently estimate the impact of tariffs to be about 1% to 3% of our 5-year capital plan.
one of the customers we mentioned in the call, one of the new lands, is also a company that is very affected by the tariffs and is having to moderate its own plans for the future.
we are controlling the things that we absolutely can. We’re trying to stay ahead of those curves and ensuring that we can bring those projects in as expected. So, minimal impact as we sit here today for what we know.
although there is plenty of noise around tariffs and economic uncertainty, so far, there's been no direct impact on our business.
Trade policy uncertainty, particularly with Canada and China, created volatility throughout the quarter for canola meal and oil.
Although we do not expect to see a material impact on our operations during 2025.
We do expect uncertainties associated with the global supply chain and end market demand dynamics to continue into the second half of 2025.
the impact of tariffs on our vendors right now as best we've been able to estimate and measure are in the low single digit range as they impact our business.
we estimate that the direct tariff exposure on our $54 billion base capital plan for 2025 to 2029 is minimal at approximately 0.3%.
the vast majority of our portfolio companies are relatively insulated from the direct impact of tariffs.
Our results were impacted by uncertain trade policies and difficult weather.
We hope that the recent volatility in the commodity markets, uncertainty over the impact of tariffs and fears of recession strengthened the core thesis of Why Coterra.
We expect that the recently enacted tariffs increased costs for many of our products to varying degrees.
the cost of casing is $650,000 a well now, and that is up 12% quarter-over-quarter due to tariff impacts.
That may represent consumers pulling forward spend ahead of tariff impacts or it may represent real solidity. It's too early to tell.
the broader operating landscape remains complex, as global crude oil markets face macroeconomic uncertainty, concerns over tariffs, global trade tensions
the 25% tariff translates to $10 million to $15 million of impact to our capital program
Recent volatility largely driven by global trade concerns and macroeconomic uncertainty has pressured commodity prices.
We're actively scenario planning and beginning to implement strategies to mitigate the potential impact of the recent tariffs on our business through three key interventions.
The objectives of the tariffs are to introduce symmetry and fairness, but even more so to generate a new revenue stream for the federal government.
We continue to proactively monitor the impact that tariffs may have as the situation evolves...
We have been working closely with our suppliers and customers to address the impact of current tariffs.
our exposure to recently-implemented tariff policies is de minimis.
the ongoing global trade war continues to delay decision-making and amplify geopolitical tensions, causing booking windows across most segments to narrow significantly in disrupting cross-border leisure travel load.
We are still assessing the potential sales impact of any retaliatory tariffs, as we do export pet food from the US to Canada and the UK.
Since the tariffs were implemented in April, our container volume has declined approximately 30% year-over-year.
Our team has done a line-by-line assessment of what the impact would be, assuming that whatever was announced comes into place.
Certara is isolated directly from the tariffs, nothing we sell would be subject to a tariff.
Tariffs would further weaken the supply chain to the airframe OEMs.
We expect gross margins to expand in the second quarter. Based on the information that we see today, our expectation is that operational efficiency gains and growth from more tenured specialties can offset potential headwinds from macroeconomic factors such as tariffs.
Based on our understanding of current tariff policies, our expectation is that there will be minimal direct impact to our business.
following the announcement of the April 2nd tariffs and subsequent geopolitical events, the market entered a new phase of volatility and uncertainty over the ultimate outcome and impact of tariff policies.
we expect a negligible portion of our client base to be meaningfully impacted by tariffs, which has already been incorporated into our updated credit assumptions.
Given our FOB Fabrinet shipping terms, tariffs are typically handled by customers, and so far we have not observed any meaningful changes in demand.
We expect the direct impact of tariffs on our business to be limited, but we are highly aware of potential indirect impacts.
Based on what we know now, our expectations of how certain details will resolve around tariffs, we've estimated the gross impact of tariffs for full year total company EBIT of $2.5 billion and a net impact of $1.5 billion.
A key topic that further developed during the quarter is tariffs and global trade uncertainty, which are having a significant impact on the toy industry.
Given how dynamic the situation is, just I have to limit my comments to what we know today. And so for tariffs that have been announced and are in effect, there is an immaterial impact to Vertex.
Given the maturity of the tariff rate, the impact -- unmitigated impact that we expect is a 12-month run rate of about $100 million.
We anticipate a $60 million to $80 million headwind to operating profit in 2025, with the majority of the impact in the second half of the year.
The breadth and changing nature of the tariffs have introduced a great degree of uncertainty and mean that at this time, we are unable to predict with confidence our expected performance for the year.
We estimate an impact of approximately $22 million in 2025 or $0.22 per share on an after-tax basis.
With the evolving landscape, we expect our supply chain to be minimally impacted by tariffs at this time.
There is nothing we have seen to date from tariffs, budgetary requests, administration priorities that would change our strong position in the markets we serve.
the dynamic environment we and others have referenced includes uncertainty from tariff impacts and pressure on the consumer.
While we are closely monitoring trade policy developments, including proposed pharmaceutical tariffs, we believe that any potential impact to our business would be immaterial.
We currently estimate the annualized cost impact of approximately $50 million to $60 million or $12 million to $15 million per quarter before any mitigating actions.
Despite tariffs and the potential impacts on the renewable sector, renewable technologies... represent a critical part of the solution to meet the insatiable demand for energy.
the entire business community is watching very carefully what's happened with the trade negotiations when we're hopeful that there's going to be some good news on certain fronts in the coming days and weeks so that we can start seeing some clarity in broader picture.
I don't think our portfolio will be affected -- negatively affected by the tariffs.
we estimate the direct impact from recent tariff announcement on our business is largely manageable.
We benefit by having local carpet tile manufacturing in each of our regions, which limits our exposure to the recently announced tariffs to primarily U.S. imports of nora rubber from Germany and LVT from South Korea.
The primary concern is an erosion of profitability related to weaker global economic activity and margin pressures as tariff costs filter their way through supply chains.
We are taking mitigating steps that include pricing, productivity and supply chain actions.
Even though it’s difficult to quantify precise implications, our team is developing numerous mitigating actions across multiple scenarios.
we continue to focus on delivering on our commitments to build a better, more sustainable healthcare model... in a dynamic environment with forces of change going beyond tariffs and trade
We've been in discussions with manufacturers, wholesalers, payers, and legislators to best understand potential outcomes, all of which are uncertain given there is no significant policy yet in place.
We see the impact of the tariff announcements as not material to our business given what Hannah said.
We do not anticipate that tariffs will have a material impact on the cash flows of our businesses.
tariffs have minimal impact on our supply chain.
Based on tariffs in place today, our estimated cost exposure in 2025 before mitigation action is about $500 million on an annualized basis.
The most substantial impact to date has been the significant tariff implemented on China.
a shift in sentiment driven by tariff concerns and a sell-off in the technology sector.
It is clear that this uncertainty is weighing on economic forecast causing significant volatility in raising the prospects of slower growth.
Since the announcement of the Trump tariffs and the trade wars that have ensued, we’ve seen a tremendous amount of uncertainty in rate volatility.
Our direct exposure is relatively limited. Energy has been largely exempted from tariffs.
Tariff taxes and regulation are on the three-legged stool to support these objectives.
Despite increased uncertainty due to the current tariff environment, we have updated our outlook, which includes higher sales largely due to foreign currency translation partially offset by slightly lower vehicle production in North America, and a modest reduction in margin.
We will fully compensate for the tariff impact through the actions described on this chart.
Declining equity valuations and increased uncertainty led investors to adopt a more risk off stance ahead of the trade policy announcements.
We are maintaining our full year EPS outlook of $4.70 to $5.10, including the assumed impact of the recently announced tariffs fully realizing that things can change fast.
Our clients are in an adjustment stage and are awaiting clarity on ultimate tariff and trade policy.
During this period of increased tariffs and heightened global economic uncertainty, we are aggressively executing our plans to mitigate the impact of tariffs.
we're certainly not ignoring the tariffs question. It's clearly on our thinking.
we do not expect any potential impacts from tariffs to materially affect full-year deliveries and their associated yields in 2025.
Winchester costs for metals are rising due to tariffs and tight supply.
Altogether, tariffs create uncertainty, which may lead to lower levels of transactional activity in the near term, impacting certain commercial businesses.
We are still assessing the impact of tariffs on our business, but early indications are they will have a minimal impact on our business.
we continue to focus on controlling what we can control, staying agile and leveraging IRX to offset all known tariff impacts.
We continue to monitor the dynamic tariff situation and work diligently to deliver cost-effective energy resources for our customers.
We've been expediting procurement for projects currently underway to get our materials and case goods to US ports within the 90-day window.
We expect to cover that with price as we go into the year. But also, there's a bit of flux there.
We expect tariffs to drive $100 million of annualized impact based on 2025 volumes.
in spite of increased noise around tariffs and potential policy shifts, we have not seen any signs of a slowdown in their expansion plans.
We are experiencing greater demand for resource adequacy planning, renewal integration, transmission and distribution engineering and demand-side planning, especially since generation alternatives are facing increasing supply chain and tariff concerns.
The uncertainty around trade and tariffs has impacted the end-markets we serve.
North American MDI tariffs is a good example. This past year, nearly 400,000 tons were imported into the United States and the Americas market, with about 75% of that coming from China.
Last month, global tariffs were announced, which elevated uncertainty for businesses and consumers.
To date, we have not experienced negative impacts from the tariff discussions, but we intend to closely monitor the cost of prescription drugs and medical services for potential changes.
The business environment in the first quarter was difficult to say the least... growing concerns around U.S. trade policies and tariffs.
With respect to our business, we don't see any much of an impact in terms of our services business.
We do face headwinds in some of our legacy products and legacy channels that are reducing our consolidated growth rate.
We took advantage of the flexibility embedded in our global supply chain to activate changes in source supply in response to announced or anticipated tariff activity.
the newly introduced global tariffs...have not had a significant direct impact on Moderna.
we've got the trade and tariff situation
At the outset of the quarter in January, the U.S. threatened to impose a 10% tariff on Canadian energy products.
I'll note that we do not expect a material impact related to tariffs. We purchased the vast majority of our material domestically.
Importantly, I want to highlight our solid cash position of $233 million. We believe our cash on hand provides ample runway to achieve our strategic objectives without the need to raise additional capital in the current market environment.
Tariffs are clearly top of mind for everyone.
We estimate the impact of tariffs on our cost of goods sold to be in the low single-digit millions of dollars.
While everybody is exposed to tariffs, the impact to us, we feel very confident we can offset.
we are starting to see some resistance in international regions to doing business with U.S. vendors
The EBITDA impact for the year under the current tariff protocol is estimated to be approximately $15 million net of mitigation measures such as alternate sourcing and pricing adjustments.
The global tariff headlines have definitely caused uncertainty in our markets.
The introduction of the new tariff schedule did not directly impact our first quarter results.
With approximately 90% of our supplies sourced domestically, we have estimated the impact to be around 1.5% of our four-year capital and O&M investment plan before any mitigating efforts.
In our Global RIM business, our exposure to tariffs is essentially zero as our revenues and costs are matched based on each market in which we operate.
We forecast a gross impact of $20 million to $25 million a quarter.
A potential tariff induced recession or unforeseen changes in trade flows could cause a drop in demand, which would impact expected growth.
In April, we saw an uptick in orders, which we believe was largely in response to ongoing tariff developments.
Riot is in a good position for a number of years now dating back to 2023 when we entered into a long-term miner purchase agreement with MicroBT out of the U.S. production facilities, that's really helped insulate us from tariffs...
We have taken a number of mitigating actions, including sourcing changes and pricing adjustments to offset the tariff impact.
The announced tariffs currently in effect do not materially change Lilly's 2025 financial outlook. However, the expansion of tariffs in other geographies or increases in retaliatory tariffs would have a negative effect on Lilly and for our industry.
Our daily revenue indications ... are not showing any significant changes in our customers’ business activity from the prospect of tariffs.
I truly believe that APi is a Safe Harbor in the tariff storm.
We recognize this is top of mind for many. While the headlines continue to shift, we remain confident in our view that ATI is uniquely positioned to navigate the evolving tariff and trade landscape.
As it relates to the tariffs that are now in place, we do not see a material impact on our business and believe we can absorb any resulting cost increases within our existing 2025 financial guidance.
Obviously, we’ll see how all this plays out, and we are closely monitoring the situation.
We've reviewed countries of origin for our supplies, the potential impacts and alternative plans to mitigate those impacts.
We are actively engaged in robust scenario planning around the tariffs, while recognizing that long-term decision-making is difficult when the policies shift so rapidly.
with our intellectual property being domiciled in the US and our low cost of goods, we are insulated from potential biopharmaceutical tariffs and do not anticipate any material impact on our business.
the existing and potentially higher tariffs, making owning existing assets even more attractive.
Concern over tariffs has been a major source of uncertainty. Granite like all companies, is not immune to the direct and indirect impacts of tariffs.
Overall, we are seeing caution in the spending pattern more so than a complete freeze.
We estimate a tariff cost impact of $175 million to $250 million annually.
I recognize there's a lot of uncertainty at the moment related to tariffs and taxes.
Through prudent operations and planning, we were able to effectively neutralize exposure to any potential tariffs this year.
We prioritize being close to our customers. And over the last several years, we’ve worked to establish a localized supply chain and cost-effective manufacturing footprint.
we believe the terms and conditions in our contracts limit our exposure to direct cost increases associated with the currently implemented tariffs.
Tariffs are creating significant demand uncertainty and increased cost for us.
We start to emphasize, you have a local manufacturing for local customers.
Currently, we expect minimal direct cost pressures from current policy proposals.
We expect the impact of any tariffs to be manageable and we are well positioned to carry out our previously outlined plan for total CapEx in the low 300s for the full year.
We do not expect any material tariff-related impact to our subscriber results this year.
Consumer and business sentiment has weakened primarily due to concerns surrounding the impact from tariffs and geopolitical tensions.
We are analyzing potential exposure and mitigation tactics under multiple scenarios.
We don't take volumetric or commodity price risk on our pipeline projects, and so in the near term, there's no impact.
Given the variability in potential outcomes, we are revising our revenue range...if lack of certainty drags on or even escalates further, that would point to the mid to low end of our range.
the potential for tariff effects on a lot of the goods and services we use during our construction projects means that tight management of controllable expenses remains a priority
If it were not for the impact of tariffs enacted since the issuance of our previous guidance, we project full year results for 2025 would fall within our previously stated guidance ranges.
It's difficult to fully assess the impact tariffs may have to the project's final cost as actual costs incurred are dependent upon the tariff requirements and rates, if any, at the time of delivery of the specific component.
We are closely monitoring the situation arising from tariffs for imports into the US.
partially offset by the impact of the current tariff environment.
there's now tariffs imposed on some of the feedstocks. So that increases costs and, reduces supply.
we have also built into this gross margin guidance a 50 basis point impact of inflationary pressures from tariffs in the supply chain.
the ongoing tariff issues having minimal impact.
most of our customers across the spectrum are wondering what the sort of economic backdrop for the rest of this year will be, wondering, what the tariff picture when it settles if it settles will look like and what the implications would be.
We have revised these estimates based on the current U.S. pronouncements and have incorporated estimates for China's retaliatory tariffs.
Based upon what we know today if tariffs are extended more broadly to pharmaceutical products, we believe the impact to FILSPARI would not be material.
the best breakdown we've seen around potential data center construction impacts is in the range of 3% to 7% of total build cost, assuming a range of 10% to 20% cumulative tariffs.
Biogen currently does not expect a material impact in 2025 from potential tariffs as announced by the U.S. administration on April 2, 2025.
The shift in U.S. trade policy has further weighed on consumer and business confidence and is likely to impact economic growth over the foreseeable future.
Our costs are likely to be higher. I agree with that. Particularly auto repair and replacement costs are likely to increase.
We recognize that economic uncertainty is impacting the market from various fronts, persistently high interest rates, tariffs and trade wars...
proposed tariffs on international trade and the associated increased costs as well as the accelerated unwind of production cuts by OPEC Plus have introduced new uncertainties for the global economy and our industry.
we don’t expect any significant tariff-related impacts, as most of our key expenses such as labor, power and chemicals are primarily sourced domestically.
To date, we are seeing a minimal effect from both U.S. tariffs on imports and related retaliatory tariffs.
Amid softer demand environments, hotel owners consistently turn to brands at scale that they know and that they trust, and brands that outperform their competitors, seeking broad distribution, a loyal customer base, operational support, and cost efficiencies.
we're closely monitoring the impact of potential tariffs on global economic activity and are cautiously managing our business through this period of uncertainty.
We believe the impact of tariffs to be very manageable.
we continue to closely monitor the impact on our business, including any changes to unemployment or other trends that may impact the credit environment.
We continue to have those daily with our clients of how that's going to affect their projects, how inflation is going to affect them.
Everest has completed a thorough assessment of our exposure to the new tariff regime, and we believe prolonged tariffs at current levels would put modest upward pressure on loss cost trend.
We expect the tariff impact to our business to be neutralized, and we are taking several near and medium-term actions to achieve this.
It's a little too early to tell exactly how tariff policy is going to play out.
We expect that timber pricing will likewise trend higher into the back half of the year in response to healthy demand from domestic sawmills and the impact of higher duties on Canadian lumber.
the outlook assumes this surcharge will be in effect throughout the remainder of the year. Of course, trade policy is very fluid.
Our cost expectations in the back half of the year further out are a little more uncertain, just with the potential for the uptick in activity, coming from the higher gas prices and still some lingering potential impacts from the ongoing tariffs.
I think a lot of the reason was because lack of inventory flow and the timing of when that inventory started to flow, it missed the full price selling season and therefore found itself into the outlet channel.
We are not immune to the global trades and economic pressures, and Ashland is proactively navigating this evolving landscape.
With respect to tariffs in particular, we anticipate that the most immediate impact could be on lost costs.
We're monitoring the situation closely. It's too early to tell kind of where and if it's going to flow through.
While the current tariff environment remains uncertain, we expect restaurants to be one of the least tariff affected sectors.
They're obviously understanding the magnitude of what they're building, getting ahead of the tariffs, as best they possibly can.
It’s tough to know exactly what’s specifically going to happen on tariffs and sustain.
We're keeping a very close eye on every component cost, including what may or may not play through on tariffs, whether it's steel, whether, again, we're going to see any labor pressure in particular markets because of immigration priorities, et cetera.
While macroeconomic uncertainties have increased due to the potential tariffs, our exclusive focus on high-growth markets... should position MAA to weather tariff or economic challenges.
Based on the current tariffs in place, we estimate an impact of approximately $40 million for the full year 2025, representing around 5% of our total cost of goods sold.
We have not really affected our guidance or affected our model in a way that I should mention that would be material because of all these situations.
Several markets released their temporary county and state level band. Assuming typical seasonality, the second quarter may experience an increase in high Pet AI activity.
We expect the impact of Section 232 tariffs on our North America business to be largely neutral.
we estimate an incremental cost headwind of $15 million to $20 million.
We estimate that with the mix of domestic and imported materials in our projects, the most recent tariffs might increase our total hard costs by about 5%, which would drive a roughly 3% to 4% increase in our overall total basis.
While U.S. tariff policy decisions have created uncertainty in the economy, do not directly impact WEX's operations.
What I can say is that so far, we have not seen any direct material impact from the tariffs to our business.
we expect to substantially mitigate any direct cost impact from tariffs in effect as of the time we published this earnings release.
Regardless of the extent of current tariff negotiations, Antero's marketing position and strategy helps limit any meaningful impact from the tariffs.
Although pending tariffs have dominated the headlines in 2025, it is still much too early to assess what the impact both direct and indirect will be on our consumers and in turn our tenants.
There was clearly a demand shock in the second-half of fiscal Q3, given by the sudden announcements of tariffs, which then became rolling tariffs.
Note that the direct impact of tariffs is expected to be minimal as Albemarle benefits from global diversification and current exemptions, particularly for critical minerals such as lithium salts and spodumene.
We see clients slowing their spending decisions and preparing for more direct impact from changes in tariff policies.
We believe that we have covered the potential impact of tariffs on our business.
We have limited our exposure to a diversified supply base.
Using these assumptions, we estimate the gross impact from tariffs on our 2025 results prior to any mitigations will be approximately $100 million of increased cost.
we think it’s a manageable risk, but we’ll continue to monitor it.
Our guidance reflects our current assessment of the financial impact from it. We do not see any material direct impact to us at this point.
we wanted to highlight that we manufacture and source our products primarily within the United States and as such we expect minimal direct exposure to the most recently implemented tariff-related policies.
We expect an incremental tariff, if implemented, to be applied to the transfer price on goods shipped for Mexico.
the current environment, which remains highly uncertain and volatile, driven in a large part by tariffs and global trade tensions.
Despite the dynamic operating environment, we remain laser focused on driving continued progress...we believe that the number of categories where we are strategically advantaged with North American tariff free production significantly exceeds the number of categories where we are disadvantaged.
We recognize growing uncertainty related to global trade dynamics and macro pressures which affect our customers.
We have seen minimal impact from tariffs on our business directly in the immediate term. However, there are a concern for many of our customers and therefore, are also a concern for us.
Based on the start date, current rates by country, including the 145% China tariff, and our mitigation efforts, which include the amount of inventory on hand, we estimate a potential $5 million to $10 million headwind to adjusted EBITDA in 2025.
We will continue to work closely with our suppliers and customers to mitigate the impact of current and any future tariffs to the extent possible.
it is difficult to predict the impact, if any, that tariffs and interest rate volatility may have on our results.
our business has minimal supply chain related tariff risk as most markets source within their country or with countries where there is not currently tariff risk.
Our first quarter price included our initial response to announced tariffs and we have since implemented additional pricing.
We’ve been able to keep all the projects planned for 2026 on track to be able to deliver returns and an investment proposition to Clearway Energy, Inc. consistent with what’s been announced already or what would be customarily targeted.
the quarter was impacted by lower revenue per throughput and occupied pallet, primarily driven by new business wins at lower rates and customers resetting volume guarantees at lower levels given lower industry occupancy.
Tariffs present both opportunities and challenges. Some enhance profitability, while others may increase certain input costs or impact product demand.
Although we will not be able to fully mitigate the direct impact of tariffs, we believe that we are relatively well positioned.
tariffs can and will continue to drive market volatility period
we have not seen any meaningful impact on our business to date. That includes costs or that we have to potentially absorb for drugs that are already launched or future drugs.
the majority of our operations are not impacted by tariffs, as products for distributions to cruise ships are held in a free trade zone.
we're getting a more cautious tone from the customers
We have implemented actions to mitigate the relevant tariff impact on our business based on current tariff rates, with price increases being the predominant tool.
While we suspect that a tariff and trade uncertainty may be behind some of the industrial services weakness this quarter, refinery customers have been under pressure for some time due to local crack spreads.
We may see more volatility in our net loan growth over the next few quarters due to uncertainty regarding the pace and timing of payoffs and the potential impact of tariffs and interest rates on loan demand.
The new tariffs and fluid trade policies have created market uncertainty and a lack of clarity, making planning activities more difficult.
In 2025, we expect the cost basis on which imports into the U.S. will be subject to the current tariffs to represent approximately 60% of our global cost of goods sold.
We have been mitigating this in a very friendly and cooperative way with our buyers.
Tariffs and changes to certain customer requirements in the U.S. have created significant uncertainty for small businesses while concerns over escalating prices for imported goods have weighed on consumer confidence.
We are preparing ourselves for multiple demand scenarios this year.
Even though we import a lot of specialty foods, it's still a small percentage of our overall business.
the threat of tariffs kind of moves up and down
Currently, we are focused on sectors expected to be impacted by newly announced tariffs.
We estimate that the direct impact of tariffs, net of targeted mitigation actions could be about $1 per share.
the total impact of tariffs in our adjusted EPS guidance is $0.85.
We expect global tariffs to have a roughly 100 basis point headwind to gross margin per quarter.
we believe we have modest exposure to both [tariffs and make America healthy].
I am pleased to report that MIMEDX currently has no direct exposure to tariffs, and we do not expect them to affect our results.
Since the tariffs were announced in early April, we have not seen any changes in retailer demand at our properties.
We're paying a lot of attention to the cost of building our stores... we have plenty of space within our returns that gives us confidence that whatever happens in terms of steel tariffs and lumber tariffs and other things that we're well protected.
Given the recently announced tariffs, we are currently accelerating several other insourcing activities at SSG.
We are taking actions to protect the company in the short term, including temporary shutdowns and layoffs.
The increased tariffs and risk of further tariffs has resulted in customers pausing to reevaluate many larger investments that we expected to close in the year in other end markets.
I also think that tariffs, and we don't even know what tariffs are going to mean in the long run, are going to have an effect on pricing, immigration policy may have -- on commodity pricing, steel pricing.
We expect to incur between 50 and 100 basis points of tariff and related costs on our gross margin in 2025, some of which will be offset by internal efficiencies and other mitigation efforts.
While the potential impacts of tariffs are causing substantial uncertainty in the broader economy and capital markets, to date, we haven't seen any direct effects on the performance of our portfolio.
Like most market participants, we see a higher-than-usual level of uncertainty in the forward path of the economy given various recent governmental actions relating to tariffs and other matters.
There's clearly going to be a little bit of pressure that shows up associated with tariffs.
the current tariff environment introduces a new dynamic to our outlook
While changes in the global trade policies create uncertainties, we are executing our long-term value creation road map as illustrated on the right and discussed at length during last month's Investor Day.
But lack of clarity on the US and global trade policy have led to macroeconomic uncertainty, including the impact on business investment and job growth.
Tariffs will drive up material prices increasing construction costs.
I would provide the caveat that all meaningful construction scopes and bids are now qualified by not yet escalating with regard to tariffs.
We recognize we are in a period of heightened uncertainty, and there could be headwinds in the balance of the year to the extent macro risks and geo-political tensions result in lower economic growth and reduced tourism.
At this point, it is too early to quantify the potential impact of tariffs on our business.
About 15% of our cost of sales is now subject to tariffs with about one-third of that coming from China.
We are estimating incremental material costs of approximately $5 million to $6 million, or $0.32 to $0.39 per share, in our April forecast, associated with tariffs that cannot be mitigated in the short term.
the potential impact of tariffs that increased uncertainty for many of our insured across the globe and raised inflationary risks for some of our businesses.
We are not immune to lower economic demand and continue to closely monitor customer order patterns and quickly adjust as necessary.
the potential impact of tariffs that increased uncertainty for many of our insured across the globe and raised inflationary risks for some of our businesses.
We've implemented several countermeasures to help mitigate the impact of recent tariff hikes and enhance our operational flexibility.
We are closely monitoring the impact of the evolving tariff situation and engaging regularly with our clients about potential impacts to their business.
Our manufacturing network is designed to serve local markets, reducing our exposure to cross-border disruptions and tariff-related risks.
We believe we are well positioned to weather the tariff storm impact.
The impact from tariffs is so unknown right now and uncertain.
It has not really impacted our project at all or even our contracting approach.
The announcement of tariffs on almost every country has led to uncertainty and the concern that a trade war, if sustained, could lead to disruptions of global supply chains, renewed inflation and an economic slowdown.
We expect to offset the majority of the potential tariff impact through price and productivity.
We continue to execute our best sales strategy in response to recent tariff actions.
Midway through the quarter, tariff and other government policy initiatives led to turbulence in the market and uncertainty in the marketplace.
Commercial clients are also facing increased pressure from the dynamic external environment, coming from the uncertainty related to tariffs in a more volatile macroeconomic environment.
At this point in time, we see a limited net impact on our EPS.
Altogether, based upon what we know today, we estimate the impact of all new 2025 tariffs will be approximately $250 million on an annualized basis.
we took some actions around collective staging, and that represents really the other €20 million.
If tariffs are extended to pharmaceuticals, they would not impact ARCALYST supply received from Regeneron.
Therefore, we expect the impact to Incyte Corporation of any potential tariffs on pharmaceuticals to be minimal.
We are carefully monitoring the potential direct and indirect results of higher tariffs, and we are proactively engaging with portfolio companies to mitigate the potential impact of tariffs on our portfolio.
we feel we have an opportunity to gain share in regions with meaningful manufacturing footprints.
However, these have a close to negligible effect at less than 1% of our overall NPV.
The potential impacts from tariffs have led to higher levels of economic uncertainty.
We acknowledge the additional attention to the automotive space during these times of trade conflict and supply chain disruption, but we remain very confident in the long-term growth of the mobility business.
Although the tariff environment continues to be dynamic, we mobilized a cross-functional team and are actively managing and mitigating risks where possible.
As our customers navigate changes to US tariffs and trade policies, we're focused on helping them quickly adapt.
The current set of tariffs and exemptions represent about a 200 basis point hit to global gross margins in the first quarter.
If you are a bear on what's going to happen with the consumer, keep in mind, we have never had a prior downturn, a business segment that's growing like the digital segment is for us, if you look at where consensus is, where -- versus where we were last year, you would have to see a dramatic downturn in brick-and-mortar performance the last 8 months of the year for us to not be a significant grower of EBITDA this year.
The direct financial impact of existing tariff structures which are primarily between the U.S. and China is only $0.01 to $0.02 per quarter.
Based on the latest trade policy announcements, we expect minimal impact to fourth quarter financial performance due to tariffs.
We continue to monitor developments regarding pharmaceutical sector tariffs.
the implications for pricing power and the increased costs resulting from tariffs and how able individual companies and industries are to pass that on to end users.
We expect the annualized impact from tariffs and increased local supplier cost due to higher on-shoring demand to be a few hundred million dollars.
we've heard from a subset of advertisers that their spending has been impacted by the changes to the de minimis exemption
Tariffs will not create material dilution to our current pipeline projects.
activity continues in this space, albeit at a slower pace as private equity weighs the impact of potential tariffs and interest rates on company valuations.
We informed our customers and channel partners that a 10% tariff surcharge line item will be added to invoices for shipments after July 2.
we're also applying that level -- some level of caution to our enterprise business, which has the potential to be disrupted due to tariffs and geopolitical events.
In our June quarter guidance, we have assumed a direct tariff-related impact of less than $1 million.
I obviously do not know the final outcome of tariff negotiations, nor do I know the second-order effects on economic growth, employment, inflation, or interest rates.
For direct impacts of tariffs here at Armstrong, the impact is both minor and manageable.
the headlines, the emerging market volatility, broader concerns around what tariffs and other policies might mean from an economic standpoint, they certainly factor into our thinking.
about 5% of our total purchases are foreign materials. So it's a relatively small number.
the overall tariffs is causing a small and manageable impact.
We currently do not expect our exposure to direct tariffs to be significant or likely to drive a meaningful increase in our costs.
The President's implementation of reciprocal tariffs earlier this month... creates a significant economic headwind for our manufacturing facilities in these countries selling into the U.S. market.
While it's difficult to predict how tariffs will impact SMBs and the overall economy, because of the diversity, size and industry of our borrowers, we would not expect a substantial impact to our portfolio.
we’ve seen some customers pause some shipments while others are looking to pull in specific products given the dynamic nature of the global tariff executive orders taking place.
Isolated operating inefficiencies and lower utilization stemming from select customer decisions and stop and go activity from tariff-induced uncertainty.
We do think with our current pricing strategy that we can absorb any tariffs that come our way really just within the current strategy that we have.
While we do anticipate some impact, our guidance range includes what we believe to be the most likely scenarios at this time.
We estimate that annual impact could increase our total cost of goods sold by approximately 6% to 8% exclusive of mitigation efforts.
We expect a very modest impact to gross margin. The majority of our suppliers are within the United States.
We have implemented mitigation plans to minimize the impact of these tariffs in Q2.
Our main concern with tariffs is not product cost inflation, Our main concern is the negative impact that tariff noise and volatility is clearly having on end consumer confidence and sentiment.
About 3/4 of our supply chain purchases are insulated from tariffs.
the evolving tariff environment and associated concerns in the market around potential demand impacts will likely weigh on the market to some degree.
the main driver of expansion over the coming quarters will be the outcome of inflation, tariffs and changes in interest rates.
We applaud recent steps to help level the playing field for American steel producers.
Given tariff and trade negotiations, it's worth mentioning that we are particularly well-positioned to complete our sustainability growth investments at targeted capital investment levels because we've been deliberate in procuring the equipment needed for these projects ahead of time.
The preliminary all others rate is set to increase from 14% to over 34%, more than double the current rates once finalized.
We have looked at the exposure and I think we would look at industries like manufacturing, transportation and warehousing and hospitality being potentially the most impacted from these current actions.
Tariffs have not... it's really just made it difficult for them to make decisions.
Although the direct impact of current and anticipated 90-day tariffs on our model is minimal, we are more concerned about the impact of tariffs on the end market demand.
Global trade patterns are shifting because of increasing tariffs and duties, making customer planning more difficult.
We are working right now to mitigate through changes on our sourcing strategy where possible and where it makes sense.
Unfortunately, the tariff policies as written today have created an environment that disadvantages Polaris for our U.S. manufacturing footprint.
the bottom line is that we believe tariffs impacts are manageable.
we do estimate with what we know so far an impact in 02/2025 of 50 to 200 bps on the COGS.
The pharmaceutical industry is currently navigating a complex global landscape, shaped by rapidly evolving trade and tariff policies.
the dynamic tariff landscape could impact pockets of our systems' cost structure as well as consumer sentiment in our markets.
We monitor closely developments out of Washington and evaluate internally through our enterprise risk management framework, how various scenarios may impact our operations.
We estimate that approximately 56% of our new vehicle units in Q1 were produced in America and would be shielded from the tariffs.
We do not expect a meaningful tariff impact in 2025, as most of our upcoming aircraft deliveries are assembled in the United States.
Currently, LPG has not been excluded from the Chinese part tariffs, but admittedly, the situation is fluid.
We are seeing some impact mainly on areas like applicators, a little bit on pigment and extenders, a little bit on industrial resins is where we're seeing it.
Indirect auto lending remains more of a wild card given aggressive competition and the impact of tariffs.
tariffs and other trading friction will impact global economic activity, consumer spending, and supply chains over time.
Uncertainty surrounding global trade policies and other matters led to a drop in consumer confidence and muted demand from some enterprise and SMB customers.
While we'd welcome less uncertainty around tariffs, we have pricing and supply chain programs in place designed to offset the majority of the impacts from the current tariff scheme.
Recent tariff announcements and other trade headwinds, as well as potential cuts in NIH funding and grants, are anticipated to result in reduced R&D spend across non-clinical customer base.
The tariff uncertainty has not materially impacted our sector.
The North American truck market is being affected by uncertain economic conditions and the overall impact of new tariffs.
we continue to see signs of stable consumer spending trends in Q1 were largely in line with what we saw exiting 2024 with a slight deceleration largely attributable to leap year and other seasonal factors. Since mid last year, we have seen fairly stable trends in same-store sales with some choppiness month to month within a very narrow span.
Our guidance reflects a recast of the guidance range and 2024 base. Our growth rate expectation is unchanged. Our guidance assumes limited impact on combustible and e-vapor product volumes from enforcement efforts in the illicit e-vapor market and assumes NJOY ACE does not return to the marketplace this year.
I think there is a very good probability that sometime this summer, you're going to see one big bill get done that's going to deal with a lot of the regulatory reform, energy, releasing the shackles from the energy industry, and for making permanent, you know, the 2017 tax cuts and also incrementally adding for certain folks, you know, no tax on tips, Social Security, you know, for the elderly, and a whole bunch of other things that are gonna be positive.
we are proactively trimming our full-year gross margin expectations by 150 basis points at the low end and 100 basis points at the high end of our prior range to account for these additional costs and the potential for additional market uncertainty over the coming quarters.
The instability of U.S. policy has, for the first time, raised questions about the status of the dollar as the world's reserve currency.
the potential impact of tariffs creates a wide range of possibilities, including potential slowdown in consumer industrial activities.
the tariffs that were announced were broader and deeper than they had originally contemplated
As of today, the direct impact of the current tariffs is immaterial to our financials. However, the indirect impacts of current tariffs related to future and demand and supply chain remains unknown.
Tariffs are a concern for everybody as is regulatory uncertainty.
To the extent that higher capital costs are realized, we expect an ability to pass those along to customers and maintain our targeted returns on capital.
Accordingly, the price increases were an effort to offset both rising costs across non-material and material categories, as well as a portion related to the current trade policy actions.
We have not experienced nor do we foresee any direct impacts from the current tariff policies.
the probabilities of what can happen is much wider than 90 days ago. So there are a lot of moving parts here... we don't know exactly where we're going to land with tariffs at the end of the day.
The trade policy uncertainty makes actual cost, sales opportunities and pricing very hard to predict.
With U.S. tariffs at their current levels of 10%, we anticipate an impact of approximately 2% to 3% on our gross margins.
As of today, there is no direct impact on our operations on tariffs.
While tariffs may have an impact on our customers' demand, any changes in tariff costs are passed through our customers.
We are closely monitoring the tariffs and trade regulations.
In our US business, we source most of our food products from within the country. So, we're not expecting tariffs to have a material impact on our operating profit.
At this point, we don't believe that given our diversified supply chain, the tariffs will have effect on our hardware business.
we have low tariff exposure across our systems business as the majority of our finished goods are USMCA compliant and are therefore duty free on import into The United States from our Mexico based contract manufacturing facility.
Though none of us are enjoying the continually evolving tariff situation, it is yet another example of the nimble execution capabilities of our organization.
We foresee a headwind from the current tariffs here in the second quarter, but we expect we will have largely offset their impact on our 2025 results by the time we enter the second half of the year.
the gross margin was also impacted by new tariff expenses of approximately $650,000 in the quarter that were not reimbursed during the quarter.
It is too early to see signs of impact... we will remain disciplined around credit as we monitor the impact of the new tariff policies on our customers and our communities.
we'll also be thinking about potential tariff impacts when making bid decisions.
Clearly, in the quarter, we benefited in March from a pull-in effect as buyers accelerated their planned vehicle purchases to avoid the coming tariffs.
I don't expect tariffs to have a meaningful sort of overall impact on our capital expenditures.
we are keeping an eye towards federal policy development including tariffs, changes in the inflation reduction act, tax policy, and other relevant legislation that may impact our base capital plans or renewable procurement.
we look forward to collaborating with the administration to support US manufacturing by addressing the unintended consequences of tariffs on feedstocks, given international RD imports to the US are untariffed, which disadvantages domestic producers like Rodeo.
we did an analysis of the portfolio of the sectors that we thought would be impacted by tariffs.
the degree to which that will continue is very path dependent, and depends on what happens during this ninety-day window to hopefully resolve the uncertainty over the tariff regime in particular.
Based on current information, we expect the impact of tariffs to be around $10 million annually.
Broadly speaking, we are partially protected by our activity mix, with approximately 80% of our revenue derived from international markets, as well as by our diversified supply chain network that includes in-country manufacturing and local sourcing.
We are assessing the potential impact of tariffs, and we have been working diligently to mitigate the impact of current tariffs on our results.
The proposed higher tariffs would result in meaningful increases to our product costs, if not otherwise mitigated.
Needless to say, tariff risk is at top of mind of everyone.
Today, tariffs have had limited direct impact on our business and financial results.
We are not comfortable with providing estimates at this time. We just do not have enough insight into what might happen.
We expect the impact of tariffs that have been announced since our conference call in January and that are currently in effect to have an incremental impact of roughly $200 million in 2025 versus our initial guidance.
Approximately $4 million in tariff costs from the newly introduced tariff regime in the US that are expected to be passed through 100% in the second quarter.
Any related impact from these tariffs as well as other potential new or reciprocal tariffs have not been contemplated in our guidance.
we foresee de minimis impact from tariffs.
we are closely monitoring the evolving trade policy landscape and its potential impact, our current assessment is minimal exposure to industries most likely to be directly affected by tariffs.
It's too early to tell what impact tariffs could have on PECO or our neighbors.
We're just not hearing a lot of distress over pricing moving way outside of what they can handle.
With respect to tariffs, we do not yet know their impact and remain in close contact with our clients to assist them through any uncertainty.
The revision that we've given you from $50 to $75 million of revenue now versus the higher rate is purely an end market estimation of the impact of tariffs.
Now like all of you, we're trying to figure out the impact of tariffs on the growth trajectory for the rest of the year.
the volume reduction was due to three different but related items: inventory adjustments in anticipation of continued economic uncertainty, a wait-and-see approach by customers who are now subject to tariffs on their end products
We’ve been pretty active on that front, Nate. And so far, I think it’s fair to say most clients are taking kind of like a wait and see approach.
It's hard to know just because we're so early in the game. Many of the expensive components have already been ordered and are in hand.
If tariffs and other policy changes hurt the economy or make construction more expensive, that will impact our customers and that would in turn impact us.
On the cost side, about 60% of our costs are either labor or energy and we do not see any tariff impact on any of that.
Assuming the worst, it could drive up the cost of building supplies.
The lending environment remains tempered as economic uncertainty and ongoing changes in trade policies weigh on customer sentiment and loan demand.
homebuilder sentiment waned somewhat as the quarter progressed and prospective buyers turned more cautious in response to elevated uncertainty surrounding tariffs in the broader economy.
We're being very careful... we put on enhanced underwriting because of the tariffs.
the impact of tariffs may add some uncertainty.
Substantially, all tariffs paid by Celestica are expected to be recovered from our customers and are not expected to impact our non-GAAP-adjusted EBIT or non-GAAP-adjusted net earning dollars.
I think the tariffs probably will affect, you know, the price. Of automobiles, parts, building materials, supplies.
…concerns about them and the volatility that was happening in many of the other markets, again, looking at our institutional nature, we had substantial outflows due to margin calls…
The change in our non-GAAP EPS expectations for 2025 is primarily a result of the projected impact of tariffs, trade policies and related actions recently implemented by the U.S. and other countries.
The short answer is absolutely what you described as de minimis, you know, direct exposure, you know, to tariffs.
We've yet, Chris, to see where any of our customers have told us that their inputs, their price of raw material has been impacted by tariffs or certain other price changes.
We believe tariff effects are likely to drive up construction costs and further reduce new supply.
volatility resulting from tariffs and the potential for reciprocal tariffs could cause clients to pause or reevaluate projects over the coming months and quarters.
We have not seen any clients decay out of the pipeline as a byproduct of this. It's more about pausing in certain areas, particularly in the ABL sector, than it is absolutely shutting down from the transaction.
We are fortunate that the simplicity of our supply chain, where our customers are the importers of our product, means that we should not directly incur any material tariff costs.
We are analyzing the impact of tariffs on new originations through relationship management discussions and quarterly portfolio reviews.
While tariff uncertainty remains a concern for automotive, we are closely aligned with our customers providing guidance and solutions every step of the way.
the changes to the de minimis exemption will obviously cause slight headwind to our ads business in 2025, primarily from APAC-based retailers.
we do not anticipate tariffs to have a meaningful impact on our financial results.
Overall, we expect the impact of tariffs in 2025 to be a limited headwind to the business.
the idea that tariffs are causing an increase in inventory costs probably has a lesser impact.
Significant uncertainty exists today regarding the manner in which changes in trade and tariff policies may ultimately impact international markets.
Clearly, we've seen elevated and ongoing market volatility due to lack of clarity around the tariffs and general economic uncertainty.
Engineered products and specifically vehicle services, are the most exposed to tariffs of Chinese imported subcomponents, in our case, structural steel.
We do not anticipate a material impact to our business arising from the current tariff measures, announced so far as our suppliers, customers, and end consumers are all typically regional in nature.
Recent disruption from tariffs has weighed on expectations for global economic growth, as it has on business and consumer sentiment.
Insofar as tariffs are concerned, we continue to address these with the same levers we have spoken about previously. Cost-sharing with vendors, sourcing optimization, and price adjustments.
Recent policy shifts and ongoing talks about potential tariffs have created significant short-term volatility, and that uncertainty is at this point weighing on global GDP growth expectations.
If fully enacted, the tariff structure as most recently publicized will lead to higher equipment costs.
we don't believe tariffs are really going to be a big impact on us from a financial standpoint, it's an opportunity to slow down deals.
I don't want to pay any more for aircraft. It doesn't make sense.
Obviously, there's a lot of uncertainty right now with tariffs. To the extent that we get a trade policy clarified, I think there could certainly be some pent-up demand.
we have taken steps to mitigate the potential tariff impacts on these projects, and we have also identified capital projects that can be deferred if needed.
Our hope is that wherever this lands, we ultimately end up enhancing the competitiveness of US companies like Bristol-Myers Squibb Company.
the economic environment is given the volatility driven by tariffs and other policy initiatives
The biggest tariff impact in our business is being felt in the equipment area where the manufacturer or components that are impacting their costs.
A lot of folks are trying to better understand, you know, without guessing necessarily, but position themselves to take advantage of certain trade situations, you know, tariffs particularly, by reducing inventory.
Current tariff rates would suggest approximately $20 million of impact to us.
Although the situation is fluid and evolving rapidly, we do not expect announced tariffs to materially impact our business.
The uncertainty on tariffs is a minor headwind and specifically for specialty proteins. However, tariffs are generally supportive of higher domestic fat prices.
US tariff policy has heavily influenced sentiment on the global economy in recent weeks, but the facts are that copper demand remains strong globally.
Historically, when the industry has seen tariffs, they've been good for the industry, they've been good for LKQ Corporation.
We must acknowledge the costs imposed by current tariffs... Ultimately, tariffs translate into higher consumer prices. Potential job losses as we adjust to absorb increased costs, and reduced profits for our shareholders.
The proposed tariff would impact approximately $10 million of Visteon products imported from Mexico into the US on a weekly basis.
We've yet to see any real impact on credit related to the tariff announcements but as you can imagine, we're spending a ton of time consulting with our clients on potential impacts and looking for potential vulnerabilities in our portfolio.
We are now forecasting only modest headwinds from net interest income and expense, and an effective tax rate roughly in line with the prior year. Combined, these below-the-line items are around a $0.04 headwind to core EPS.
We are closely monitoring consumer reaction to tariffs, trade policy, and broader concerns...
Discussions on tariffs and sanctions have certainly made it hard to see where the direction that's going.
Expectations are that new and used vehicle GPUs could remain elevated as inventories tighten from imposed tariffs.
We are closely monitoring how current trade dynamics are impacting the retail, and we are committed to helping our partners and customers successfully navigate challenging macro environments.
We're seeing a very modest, call it less than 5% impact to potential build costs when it comes to digital.
Our sourcing is primarily from domestic suppliers. Deploying our performance playbook, we intend to offset tariff-related cost pressures and inflation.
the potential for continued volatility and unintended consequences of trade policy
we believe the potential tariff impacts are manageable, and within our non-GAAP gross margin guidance range of a low to mid 80% for the full year.
At current tariff rates, we have the potential to incur up to $100 million to $125 million of incremental net tariff costs in 2025.
It is important to understand TechnipFMC's limited exposure to the recently announced tariffs.
we haven't seen a tariff impact in terms of anything moving amongst our North American operations.
Approximately $200 million of expected cost from tariffs implemented to date primarily between the US and China.
If the price of handsets rises significantly with tariffs, would it be your anticipation that you would increase your subsidies accordingly, or would you expect to pass those higher costs on to customers?
We've seen a steep drop-off in our travel and accident business... and I think that's probably related to tariffs.
the macroeconomic concerns and tariffs have everybody kind of hedging their bets in what they need to have from an inventory perspective.
from a tariff cost exposure standpoint, I think we have, on a relative basis, very low risk. We source most of our material and equipment domestically.
I believe Knowles Corporation is well-positioned to continue to deliver growth in earnings and revenue despite the current tariff environment.
the downturn in overseas demand for our taxable fixed income strategies, largely driving a $1.4 billion in firm-wide taxable outflows.
Based on the tariffs that have been set, we believe the net impact to our business will be $20 million to $25 million for the remaining three quarters of 2025.
I think to the extent that it does land and if it's a material thing, you know, ultimately, I think we're gonna see that the customer is gonna wind up having to bear that cost.
These trade tensions have contributed to uncertainty and impacted commercial real estate demand, especially in sectors tied to global supply chains.
there is a pickup in restructuring matters in the United States stemming in part from tariff-induced stress.
As we reflect on the tariffs that have been enacted to date, these could increase some of our indirect costs, but are expected to be manageable in 2025.
We estimate tariff costs of approximately $80 million in 2025 and we expect to offset tariffs at the operating profit and EPS level on a full-year basis primarily through pricing actions.
Should current rates remain elevated at 145%, we estimate a potential gross margin headwind of approximately $5 million in 2025.
We expect to use these surcharge mechanisms to pass through the impact of any incremental tariffs on our raw materials to our customers.
We are taking advantage of that to pre-purchase tariff-impacted construction materials for better pricing.
the tariff environment adds incremental pressure to our cost base
International trade tensions and the new tariffs have emerged as unpredictable variables in the current environment.
The direct impact of tariffs to FirstService Corporation are immaterial. However, as I have indicated in my comments, we are seeing a moderate indirect impact.
We're actively monitoring the landscape and have a diverse supply chain, which limits our exposure to tariffs.
the uncertainty created by the new administration's recent tariff announcements, which certainly raises the possibility of a national recession during the year.
recent proposals in the US around tariffs, trade, and fiscal policy have added risk around the trajectory of employment, inflation, interest rates, and global economic growth.
We have proactively brought in inventory of model year '25 vehicles to North America, which are unaffected by the new tariffs.
We are working closely with our manufacturer partners to understand the tariff impact and our manufacturer production pricing decisions.
we anticipate some gross margin headwinds due to the evolving tariff landscape.
Obviously, consumer confidence is, as of today, about to be determined based on new policies, fiscal policies, and tariffs, which are under evaluation.
While the macro picture has been clouded by talk of tariffs and trade negotiations, we've continued to see stability in our home Midwestern markets.
Tariff uncertainty has driven most economic growth estimates lower, while inflation expectations are rising.
the cost impact of tariffs at current levels is expected to be minimal relative to the size of the cost base of the company and thus manageable within our guidance range.
the changes to the de minimis exemption will obviously cause slight headwind to our ads business in 2025, primarily from APAC-based retailers.
driven by uncertainty created by the tariff situation, our outlook has become less clearer.
We are closely monitoring the evolving tariff situation and are very much focused on managing the variables that are within our control.
There's a lot of macro noise with tariffs, the path of rates, inflation, and uncertainty in the general economy.
Our industrial end markets are exposed to tariff-related uncertainty, which was evident during the first quarter before the April 2 announcement.
While we continue to see new opportunities in the pipeline, the pace has slowed recently due to overall macroeconomic uncertainty.
the tariff situation is is kind of a replay of COVID situation we had a few years ago.
As a financial services provider, we do not require inputs or produce products that are subject to trade tariffs.
Given the cadence of tariff announcements and the evolving start and stop nature of these discussions ever since, we don't yet know to what degree, if any, tariff-related cost increases will impact our gross margin in the second half of 2025.
The tariffs add a fair amount of uncertainty to what's going on in the economy, and that makes it difficult for people to make incremental investments.
Recent U.S. Trade discussions have created significant uncertainty around changes to global supply chains, taxes, inflation, and interest rates.
There is both on the production ag side and the dairy side, there are exports that go out, and so there could be some impact. But overall, there hasn't been that great of an impact yet.
We are fortunate to have limited exposure with respect to tariffs.
What we are hearing back from them today is that it is just too soon to make a definitive statement on what impact, if any, tariffs are going to have on their sourcing of product.
While conservatively assessing the remainder of the fiscal year, and acknowledging the uncertainty associated with tariffs, we continue to anticipate achieving meaningful EPS growth in fiscal 2025.
Given the uncertainties that exist in the current environment around tariffs and the broader impacts of the economy, we are adjusting our 2025 outlook for loan growth to mid-single-digit growth.
We continue to work with our borrowing base to help them navigate this environment, while also ensuring that our reserves adequately consider the potential risk back in.
we revised the bottom end of our full year 2025 EBITDA guidance in acknowledgment that we may be impacted by different geopolitical uncertainties, including tariffs and regulatory changes.
However, we did not see significant adverse impacts on our business from these policy discussions on our first quarter results...
we remain challenged by the ongoing macroeconomic environment and are monitoring the uncertainty around international trade relations and tariffs.
Tariff-related price changes had a very minimal impact on same SKU inflation in the first quarter.
A couple of points. To your comment, we probably have to pass it on like happened post-COVID when we all had to enjoy some pretty healthy increases.
To the inevitable question about how our business may have been affected by concerns about tariffs or other geopolitical elements impacting expectations or the economy more broadly, we did not see any noteworthy impacts, including with respect to solid waste organic growth.
When you factor in the various mitigants, it is a manageable impact from a loss cost perspective.
We believe we can mitigate most of the direct impact from ongoing and potential future tariffs on our cost structure.
We are maintaining guidance due to uncertainty regarding the impact of the recently announced policy changes.
No matter how you look at it, Whirlpool, with its 10 large US factories, is a net winner of a new tariff policy.
We expect pressure on our operating margin as a result of the weakening dollar, the impact of announced tariffs, and the expected midyear close of the Yenovale acquisition.
We've lost some from the quarter-end backlog... Strategics might be quicker to put down their pencils on supply chain affected transactions.
We recognize that the current tariff and global economic environment is dynamic, but thus far, we have not seen any meaningful changes for our customers' plans.
We've looked deeply at this issue... and we're highly confident that the, quote, moderate reduction in Hollywood imports announced by China Film Administration will largely target films with limited box office potential in the market.
the recent macro uncertainty and tariff situation impact your conversation with clients and the sales cycle
We have reaffirmed that our products are subject to global tariff relief for decades.
We do expect our cost to go up $300 to $400 million in 2025 due to tariffs and resulting inflation.
We cannot yet discern to what extent the defense businesses will be impacted over time.
There is a dramatic increase in construction material costs that could, in the future, affect construction.
It is a time of high uncertainty in the world, as tariffs and geopolitics are disrupting global supply chains and creating unpredictable economic conditions.
we are not expecting to see any meaningful increase in our direct costs in the near term.
We continue to closely monitor potential tariff impacts and broader shifts in our consumer sentiment.
We actually believe our customer will remain relatively resilient given the importance of sending money home.
At this point, our customers are expressing more concern around cost impacts of tariffs and less concern regarding demand from their customers.
Nonetheless, the current indirect impact of tariffs is minor for Carlisle overall and should remain so for the rest of 2025.
Under current US tariff policy, the impact to IBM is minimal.
If they don't adapt their global supply network fast enough, their cost will increase by up to $10,000 a vehicle.
We currently manufacture 100% of our products in the United States... In addition, approximately three-quarters of our raw materials and components are currently sourced in the United States.
macroeconomic factors such as higher inflation and uncertainty regarding tariffs have driven cautiousness to spend on new projects across the banking sector.
we are cautious with regards to our North American business as the current tariff activities play out over the remainder of the year.
We're not immune to the tariff shock waves, but I believe we are well-positioned to play offense.
The extent of the tariffs currently imposed on imports from China is substantial and will increase our overall costs considerably, particularly in our plumbing segment.
After discussion with our suppliers, we currently estimate Energy Resources has less than $150 million in tariff exposure through 2028 on over $75 billion in expected capital spend.
For those products that are impacted, we have already been working with our customers to minimize the impact.
The tariff situation is quite dynamic and fluid... the uncertainty that the tariffs situation creates.
Despite the uncertainty with tariffs, our teams in Texas and Oklahoma are optimistic based on conversations with our customers about their outlook and plans.
We are carefully monitoring the potential impact of proposed tariffs on our business.
we do not currently anticipate a material impact on our business from recently introduced or discussed tariffs.
announced tariffs could be a headwind to volumes for the remainder of the year.
we anticipate continued ambiguity relative to domestic and foreign tariff actions and their effect on global trade and our demand trends.
the recent volatility due to tariff uncertainty, which has impacted markets and raised recession concerns.
Some of that is probably going to be a tariff impact on parts and repairs.
The announced tariffs could potentially increase the cost of smartphones, and other devices as well as the cost of network and technical equipment.
Even with the high tariffs that for now it will not be imposed, but even with these high tariffs that might be imposed, the max exposure on us will be expected to be less than half a point to our total margin.
the tariff is a catalyst for that.
We highlight it as a potential risk, but we think it's unlikely.
This updated guidance includes all known and anticipated impacts of tariffs, including incremental price actions, inflation and potential volume softness.
The recent change in tariffs will likely have both direct and indirect impacts on our business.
The impact of the recent tariff announcements has to date had very little impact on our business and financial results.
The tariff rates here are so substantial that they're likely to significantly reduce the volume of trade between the two countries.
market participants look to hedge exposures to tariff policies and geopolitical dynamics.
The combination of tariffs, uncertainty over global capital flows and disagreement between the administration of the Federal Reserve on monetary policy has contributed to increased market volatility.
We are currently paying the 10% tariff on those components... but we should recover tariff costs for those aircraft that are subsequently exported.
our exposure is relatively limited and I would say minimal.
To the extent that there are some impacts of these tariffs, is there some pressure to some of our general managers that, they have to work with customers, to find a way to pass that on?
Inflation, tariff concerns, and broader uncertainty, including the potential for a recession, are creating additional pressure on both our direct-to-consumer and retail partner channels.
There's been so much uncertainty and so much volatility just within the economy in general, but that's translated itself to demand as well week-to-week.
We had some really good days in our precious and non-precious metals business because of the fear of tariffs which came to be.
Despite these headwinds, it's worth highlighting that our first quarter's pace was still solidly ahead of our pre-COVID historic average.
we forecast an approximate $200 million impact in 2025.
If tariffs on our Chinese imports continue at current levels for the remainder of the year, we expect a negative impact of approximately $45 to $75 million to our operating profit in 2025 inclusive of our mitigation efforts.
We continue to have ongoing conversations with each of our opportunities, each of our customers to see what the impact of them individually is because each one is going to be a little bit different.
the combination of the key factors in the economic forecast weighting gives Veritex a very conservative allowance result.
We estimate a net EBITDA impact in the range of $100 million to $200 million.
We went and did a credit by credit analysis of all of our largest commercial borrowers and looked at tariff exposure.
The tariffs, risk mitigation to address numerous supply chain dislocations of accelerated reshoring and manufacturing.
we are now dealing with the uncertainty of tariffs and their potential inflationary effects that have the potential to affect future demand for our wooden building products.
we are intently monitoring the impact of tariffs and other administrative policies on our customer base, interest rates and credit related issues, we feel it is early in the process and we have not yet seen an immediate impact.
We are mindful of a potential impact tariffs could have on short-tail lines of business and are watching closely.
Regardless of how the tariff dust settles here in the weeks or months ahead, we see demand remaining relatively strong.
We remain confident it will be tariff resistant.
we still have not seen activity pick up and believe any activity additions will be disproportionately impacted by tariff-driven inflation.
We had a solid Q1, little to no impact on the Q1 results from the implementation of tariffs.
Proposed tariffs have the potential to add thousands of dollars to the cost of construction.
Clearly, the most recent heightened trade tensions have created an overhang on the domestic Chinese economy
We estimate that the current U.S. trade policies based upon a minimum tariff of 10% for Thailand, would result in approximately $3 million of incremental cost to Iridium this year.
We think if tariffs are -- if the tariff wars sort of really continue on, the auto business is I think might be really quite impacted because the immediate effect would be an almost certain increase in vehicle prices.
there's a lot of uncertainty around the tariff environment and things like that.
we took the opportunity to increase our allowance for credit loss, incorporating global trade and economic uncertainty in our reserve level.
Tariffs are still tough on a company when margins are still low.
Given the decline in interest rates and obviously the weakening of the dollar, we also saw flows going into emerging markets and new inflows into emerging markets.
If the tariff is going to be as high as they say on the handsets, we are not planning to cover that in our work.
the majority of what we sell in the US is sourced and made locally here in the US...our combined exposure to three specific countries, China, Mexico and Canada, was just less or around 10% of our total cost of goods.
The newly announced 145% tariff on products from China, along with the 10% reciprocal tariffs on import from other countries is expected to have minimal impact on our microinverters and accessories.
We are clearly in a period of significant economic and market volatility, principally from uncertainty around tariffs and their impact on U.S. inflation and interest rates.
Ultimate tariff impacts are impossible to predict at this point.
As tariffs impact the cost of inventory, precise inventory management and handling of inventory to optimally satisfy end customers is more important than ever.
We're also actively mitigating near-term tariffs.
Tariffs are not new for East West or our customers. We have been taking tariffs into consideration since 2017.
Based on what is currently implemented, we believe we can largely offset the impact from these tariffs through a combination of supply chain adjustments, surcharges, manufacturing footprint changes and other cost actions.
We feel comfortable maintaining our initial 2025 sales and adjusted EPS guidance with the current tariff impacts.
We currently expect the impact to our income statement for 2025 to be additional cost of sales of approximately 1.7% of revenue, plus or minus 30 basis points.
When it comes to tariffs, we don't expect any direct impact to our procurement costs in 2025.
we believe our exposure is small... any tariff impact we think we can cover at this point, given the guidance that we've put out there.
Tariffs are going to be a headwind this year, but we thought it would be prudent to hold the impact outside of our full-year guidance while I digest the new policies and fully develop and qualify mitigation plans.
Our strong profit we realized in the first quarter provides increased confidence in our ability to absorb currently estimated 2025 profit impacts from tariffs.
We do not see at this point in time a significant risk to our company related to the trade policies as we understand them today.
the implementation of tariffs and retaliatory tariffs as they are unknown at this point.
While the services that Moody's provides are not directly impacted by tariffs announced to date, we do believe many businesses are being impacted by the uncertainty of impending trade tensions.
we have reasonable visibility of what is going to happen in Q2, and that is about an impact of $0.02 to $0.03.
Despite this, we remain focused on what we can control, providing excellent customer service and executing on our strategic initiatives to make the business smarter, faster, and better.
We estimate there would be a cost impact of around $250 million, assuming current tariff rates remain in place for the rest of the year.
The April 2 tariff announcement was a shock for the markets.
We estimate that about 1.4% of total loans could be adversely impacted by the proposed tariffs.
we are paying close attention as you would expect to the tariffs. And it is a very fluid situation as everyone has an appreciation.
the combined impact of tariffs and other potential federal government actions has increased economic uncertainty.
the tariff deals kind of shook everybody up a little bit.
Much attention is focused on US trade policy; uncertainty is also arising around other topics such as taxes, geopolitics, interest rates, deficits, and deregulation.
some of what we finance gets imported and decisions to defer.
Based on our top-down view of our industry concentrations, we believe this direct exposure will prove to be limited.
it is too early to assess the full impact tariffs will ultimately have on loan demand.
we have been actively analyzing our exposure to consumer and wholesale clients that we believe will be most impacted by tariffs, potential reductions in government spending and more severe economic scenarios.
We saw our two highest trading days ever, the Friday before the pausing of the tariffs and then the day that we paused tariffs.
Uncertainty around tariffs and their potential impact on economic growth and inflation has dramatically impacted investor sentiment.
I think it's too early to tell. Again, I think, you know, as we scale our business and we continue to build relationships, I think it's going to give us the ability to either hold pricing or see limited impacts to tariffs.
We could face import tariff exposure on electronics and related components from China, Southeast Asia, and Israel...
the only way they really have to respond in the near to medium term is to push prices.
Ongoing trade negotiations will continue to create challenges for businesses and this has led to reduced consumer and business confidence.
we feel pretty well positioned for that, Andrew.
But feel very good about our supply chain today and about our labor force today, and we'll just take whatever comes out of the tariffs as it comes at us once it settles down.
Recent tariff actions and resulting volatility in the financial markets could manifest in changes to client confidence, affecting hiring, capital investment, and M&A.
the effects of the last quarter on the general populace with popped off by the tariffs were so pervasive that they outran our progress in those things.
While we expect some near-term volatility stemming from the changes in trade policy, we are well-positioned to effectively serve our customers and will benefit from a stronger economy in the long term.
I think small businesses might be the ones that would be impacted first.
Uncertainty is really mostly reflected in the perm numbers that we think are going to be a little bit softer.
We're monitoring the developments and their potential impact on business activity and the leasing market.
Tariffs will have a negative impact to West Coast businesses and the local economies.
The April second tariff announcements represented just such a surprise. And in our view will lead to a meaningful stagflationary impact on the US, at least in the short run.
Since the recent tariff announcements, we have seen some tenants defer decision making amid increased economic uncertainty.
20% of our clients felt increased tariffs would have a meaningful impact on their respective businesses.
We are actively assessing the implication of tariffs across our business and have already begun mitigation efforts.
there's a lot of uncertainty around tariffs. That uncertainty creates opportunities for us.
We haven't seen a slowdown yet. We haven't seen any commentary from the marketplace and we haven't seen any pullback from any decisions in our portfolio yet.
According to our findings, F.N.B. remains well-positioned at this point with manageable exposure to the most heavily tariff impacted businesses and consumer portfolios.
It's a mathematical problem. It's not necessarily a deal killer.
we estimate the tariff impact in 2025 to be a few hundred million dollars.
At this point, we did not believe that the tariffs will have a significant impact on project economics.
We remain cautious about the remainder of the year, as we navigate the complexities of tariffs and other economic factors.
Assuming the tariffs as they've been announced remain in place and are largely passed through, we'd expect somewhere around a mid-single-digit increase to PI auto severity.
We're closely watching the daily changes in trade and tariff policy.
We are now subject to 25% tariff cost, which totals an estimated $400 to $425 million annually.
The basis for our full year guide had anticipated some choppiness in the first half of the year tied to the rollout of tariffs.
the allowance this quarter also included some incremental qualitative reserves to reflect increased tariff-induced macroeconomic uncertainty.
We're looking at the credit portfolio. You know, working through, making sure we understand potential tariff impact.
We are closely monitoring the potential impact on the prices we would pay for aircraft.
we would have raised our expectations for 2025. Instead, we are electing to maintain earnings guidance as there are no policy conclusions right now to plan differently
the impacts of tariffs and related policies contribute to a wait-and-see mindset among many.
We recognize there are a lot of questions right now about how tariffs may impact the market.
Well, it would dampen economic activity here in the US and abroad. Cross-border trade flows will change.
If these tariffs are implemented as proposed and remain in effect for an extended period, it's quite possible the probability of a recession will go up.
As we look at the especially in the next ninety days. And how some of these tariffs and other moves get negotiated or do they stay in place?
We procure more than 90% of our products domestically, so that's a very different position than some of the competitive set out there.
The somewhat pause that we're seeing from larger organizations and medium-sized organizations due to the tariff concerns last all through the quarter.
We do not yet see any decrease in the appetite of our non-US clients for opening an account and trading mostly US markets.
We're monitoring markets, tariff policy, tax rules, regulatory requirements, and we'll react as necessary to steer our company.
Our credit officers are working their portfolios, trying to understand what tariffs or a protracted trade war could do to our portfolio.
clients are simply waiting on more clarity on trade policy and the regulatory environment before committing to deals.
What's included in the $400 million, and again, that is primarily MedTech tariffs at this point.
the prospect of a recession has increased with growing indications that economic activity is slowing down around the world. This uncertainty around the path forward and fears over the potentially escalating effects of the trade war have created material risks to the US and global economy.
The ultimate impact on tariffs on the broader economy remains unknown at this point.
Importantly, our construction remains on schedule for our first building and we expect it to be ready for service and ready to begin generating revenue in the calendar fourth quarter of 2025. Nearly all the equipment for this building is landed, giving us not only confidence in the schedule, but it also means tariffs will not materially impact our build cost.
the main thing that we see there is what would appear to be a certain amount of front-loading of spending ahead of people expecting price increases from tariffs.
Last week's tariff announcements were clearly part of a broader strategy and an effort to reset trade relations between the US and the rest of the world.
We're being very thoughtful about that because about 15% of our revenue is in Canada or Mexico.
Markets may take some time to sort out saber rattling around trade and tariffs, but BlackRock and our clients see growth and opportunity.
We support the administration's willingness to look at barriers to fair trade in the United States. Though there are certainly risks associated with such significant actions.
While tariff announcements and subsequent market volatility have disrupted near-term deal activity, our pipelines have not meaningfully changed since the beginning of the year and remain robust.
As new car prices go up, that will put a bigger spread between late-model used and new cars.
the guidance that we provided does include the impact for all tariffs announced by the U.S. government on April 2nd and by the Canadian government on March 4th.
This new international trade landscape creates additional complexities and will potentially bring cost pressures.
we expect gross margins to be down approximately 200 basis points versus last year... as well as a preliminary estimate for the anticipated costs related to recently announced tariffs.
Given broad economic uncertainty around global trade, growth has largely stalled.
The administration's position on tariffs and the actions announced last week have added to this uncertain environment.
we believe these cost savings will largely offset the financial impact of any potential tariffs for the remainder of this fiscal year.
the impact of tariffs on inflation is dynamic, but we can tell you what we know.
Given last week's tariff announcement, we're dealing with a dynamic macro environment.
Tariffs are impacting the cost of our inputs, predominantly steel, and constructional changes in how our customers operate.
Given the timing of yesterday's announcement and the uncertainty, we have not included any impact from tariffs in our financial outlook.
We approach tariffs as the equivalent of a supply shock and our financial priorities are: first, to manage the dollar impact; and second to manage the margin impact.
We anticipate the impact of the proposed tariffs to result in a marginal increase to our cost of goods, which we will pass through in increased pricing.
But, and this is the big but, five, we are still monitoring inflation, tariffs, consumer sentiment, and the need for pricing.
There remains hesitancy and caution among our customer base around future production levels due to tariff uncertainty, potentially looming inflation, and sustained high interest rates.
We have not built in any specific impact of the tariffs related to the uncertainty of the situation.
We do not expect a negative impact to results related to previously announced increased tariffs on products from China, Canada or Mexico.
While we currently don't see that tariffs will directly impact our products and service, we do expect some indirect effects on BlackBerry due to impacts to our customers, including supply chains and macroeconomic demand, although these effects are currently difficult to model.