Track how companies discuss tariffs and trade policies in their earnings calls, and understand their impact across different industries and regions.
I think as a result, what you're going to see is pretty decent, we think, leisure growth, but comparable business transient growth and then group sort of leading the way.
We're monitoring the environment closely, as macroeconomic and geopolitical uncertainty trend tends to disproportionately affect this aspect of issuance.
there was clearly some pull forward of demand related to the tariffs and all the uncertainty around that.
Based on the current schedule of expected tariffs, we now anticipate a full year headwind of approximately $100 million.
we estimate to be trending towards the lower end of $300 million and $400 million at today's announced tariffs, so almost 1 point of negative EBITDA margin embedded in the guide.
I think they are more comfortable with the fact that there will be tariffs. However, I think they have more certainty now than in the beginning of the year when everyone was confused about exactly what would happen.
30% of our customers are impacted by tariffs. But here's the interesting thing. Of the $56 billion that we have outstanding in C&I, only 3% are significantly impacted in a direct way by tariffs.
In the second quarter, we estimate that the increase in tariff rates negatively impacted our EBITDA by approximately $15 million.
We are seeing impacts in our Forest Products, and metals and our autos business.
Given the uncertain tariff structure, it's difficult to forecast third quarter margins.