Track how companies discuss tariffs and trade policies in their earnings calls, and understand their impact across different industries and regions.
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.