Track how companies discuss tariffs and trade policies in their earnings calls, and understand their impact across different industries and regions.
despite the implementation of new tariffs and heightened market challenges in China.
we thought that the impact was gonna be relatively mild for us.
Cost of goods sold deleveraged by 80 basis points, driven by unfavorable product mix in Innovative and the impact of tariffs in medtech.
While uncertainty is always top of mind, including tariff policy, it is now treated more as a planning assumption rather than an impediment.
$100 million headwind from gross tariff impact
customer sentiment remained favorable, even against the backdrop of trade and tariff uncertainty that has characterized much of 2025.
we remain attuned to the risk of a slowdown in coming quarters due to a weakening labor market.
The tariffs appear to be manageable and deregulation kicked in.
the disappointing kind of market downturn, which is hopefully temporary, accelerated some of our thinking there.
Additional headwinds in the quarter were tariffs, as you noted, logistics and then brewery maintenance.