Tariffs and trade barriers
190 of 521 companies added a paragraph in Risk Factors that uses one of these words:
tariff, tariffs, trade war, import duties, customs duties, export controls.
The paragraph is in the latest 10-K and nothing like it was in the one before.
It counts text; it does not say how serious a risk is. Words in capitals only (such as AI) must be in capitals.
By sector
Sector is the SEC's industry description of the company. Each count opens that sector's quotes below.
| Sector | Companies | Compared |
|---|---|---|
| Arrangement of Transportation of Freight & Cargo | 2 | 2 |
| Cutlery, Handtools & General Hardware | 2 | 2 |
| Instruments For Meas & Testing of Electricity & Elec Signals | 2 | 2 |
| Optical Instruments & Lenses | 2 | 2 |
| Aircraft | 1 | 1 |
| Aircraft & Parts | 1 | 1 |
| Apparel & Other Finishd Prods of Fabrics & Similar Matl | 1 | 1 |
| Canned, Fruits, Veg, Preserves, Jams & Jellies | 1 | 1 |
| Communications Equipment, NEC | 1 | 1 |
| Communications Services, NEC | 1 | 1 |
| Electromedical & Electrotherapeutic Apparatus | 1 | 1 |
| Engines & Turbines | 1 | 1 |
| Farm Machinery & Equipment | 1 | 1 |
| Gas & Other Services Combined | 1 | 1 |
| General Industrial Machinery & Equipment, NEC | 1 | 1 |
| Grain Mill Products | 1 | 1 |
| Guided Missiles & Space Vehicles & Parts | 1 | 1 |
| Heavy Construction Other Than Bldg Const - Contractors | 1 | 1 |
| Leather & Leather Products | 1 | 1 |
| Meat Packing Plants | 1 | 1 |
| Metal Mining | 1 | 1 |
| Misc Industrial & Commercial Machinery & Equipment | 1 | 1 |
| Miscellaneous Food Preparations & Kindred Products | 1 | 1 |
| Oil & Gas Field Machinery & Equipment | 1 | 1 |
| Ophthalmic Goods | 1 | 1 |
| Ordnance & Accessories, (No Vehicles/Guided Missiles) | 1 | 1 |
| Paper Mills | 1 | 1 |
| Poultry Slaughtering and Processing | 1 | 1 |
| Radiotelephone Communications | 1 | 1 |
| Retail-Eating & Drinking Places | 1 | 1 |
| Retail-Home Furniture, Furnishings & Equipment Stores | 1 | 1 |
| Retail-Radio, Tv & Consumer Electronics Stores | 1 | 1 |
| Services-Detective, Guard & Armored Car Services | 1 | 1 |
| Services-Engineering, Accounting, Research, Management | 1 | 1 |
| Services-Misc Health & Allied Services, NEC | 1 | 1 |
| Special Industry Machinery, NEC | 1 | 1 |
| Telephone & Telegraph Apparatus | 1 | 1 |
| Television Broadcasting Stations | 1 | 1 |
| Wholesale-Motor Vehicle Supplies & New Parts | 1 | 1 |
| Biological Products, (No Diagnostic Substances) | 4 | 5 |
| Laboratory Analytical Instruments | 4 | 5 |
| Semiconductors & Related Devices | 11 | 15 |
| Computer & office Equipment | 2 | 3 |
| Computer Communications Equipment | 2 | 3 |
| Electronic Computers | 2 | 3 |
| Measuring & Controlling Devices, NEC | 2 | 3 |
| Natural Gas Transmission | 2 | 3 |
| Plastic Materials, Synth Resins & Nonvulcan Elastomers | 2 | 3 |
| Services-Consumer Credit Reporting, Collection Agencies | 2 | 3 |
| Wholesale-Drugs, Proprietaries & Druggists' Sundries | 2 | 3 |
| Pharmaceutical Preparations | 7 | 11 |
| Industrial Instruments For Measurement, Display, and Control | 3 | 5 |
| Orthopedic, Prosthetic & Surgical Appliances & Supplies | 3 | 5 |
| Finance Services | 15 | 28 |
| Services-Business Services, NEC | 8 | 16 |
| Motor Vehicles & Passenger Car Bodies | 2 | 4 |
| Retail-Eating Places | 2 | 4 |
| Search, Detection, Navigation, Guidance, Aeronautical Sys | 2 | 4 |
| Security & Commodity Brokers, Dealers, Exchanges & Services | 2 | 4 |
| Agricultural Chemicals | 1 | 2 |
| Aircraft Engines & Engine Parts | 1 | 2 |
| Fats & Oils | 1 | 2 |
| Industrial Organic Chemicals | 1 | 2 |
| Men's & Boys' Furnishgs, Work Clothg, & Allied Garments | 1 | 2 |
| Paperboard Containers & Boxes | 1 | 2 |
| Printed Circuit Boards | 1 | 2 |
| Rubber & Plastics Footwear | 1 | 2 |
| Services-General Medical & Surgical Hospitals, NEC | 1 | 2 |
| Services-Medical Laboratories | 1 | 2 |
| Services-To Dwellings & Other Buildings | 1 | 2 |
| Telephone Communications (No Radiotelephone) | 1 | 2 |
| Trucking (No Local) | 1 | 2 |
| Beverages | 2 | 5 |
| Computer Storage Devices | 2 | 5 |
| Retail-Variety Stores | 2 | 5 |
| Services-Computer Programming, Data Processing, Etc. | 2 | 5 |
| Investment Advice | 3 | 8 |
| National Commercial Banks | 4 | 11 |
| Electric Services | 5 | 15 |
| Electric & Other Services Combined | 4 | 12 |
| Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip | 1 | 3 |
| Electrical Work | 1 | 3 |
| General Industrial Machinery & Equipment | 1 | 3 |
| Life Insurance | 1 | 3 |
| Perfumes, Cosmetics & Other Toilet Preparations | 1 | 3 |
| Services-Commercial Physical & Biological Research | 1 | 3 |
| Services-Computer Integrated Systems Design | 1 | 3 |
| Surgical & Medical Instruments & Apparatus | 3 | 10 |
| Real Estate Investment Trusts | 8 | 27 |
| Crude Petroleum & Natural Gas | 2 | 7 |
| Fire, Marine & Casualty Insurance | 3 | 12 |
| Electronic & Other Electrical Equipment (No Computer Equip) | 1 | 4 |
| Services-Prepackaged Software | 4 | 19 |
| Petroleum Refining | 1 | 6 |
| State Commercial Banks | 1 | 6 |
| Security Brokers, Dealers & Flotation Companies | 1 | 7 |
454 paragraphs · Electrical Work show all sectors
Changes in U.S. foreign relations, in particular foreign trade policies could lead to the imposition of additional trade barriers and tariffs.
Read in the 10-K filed Feb 19, 2026 ↗
We cannot predict the full extent of new, extended, or changed trade policies, including tariffs, that may be made by the current or a future presidential administration or Congress, including whether existing tariff policies will be maintained or modified or if changes in the U.S. trade policy could result in reactions from U.S. trading partners, such as adopting responsive trade policies making it more difficult or costly for us to purchase materials or supplies. These changes in U.S. trade policy or in laws and policies governing foreign trade or foreign relations generally, and any resulting negative sentiments towards the United States as a result of such changes, could have an adverse impact on our business, financial condition, results of operations, and cash flows.
Read in the 10-K filed Feb 19, 2026 ↗