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