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 | 10 | 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 | 16 | 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 |
455 paragraphs · Guided Missiles & Space Vehicles & Parts show all sectors
Government actions relating to rare earth minerals that are used in certain of our products, including U.S. Government sourcing prohibitions on the import of such minerals and the imposition of export controls on such minerals by China, have
Read in the 10-K filed Jan 29, 2026 ↗
Certain materials and component parts that go into making our products are imported into the U.S. and are subject to tariffs, sanctions, embargoes, export and import controls, and other trade restrictions. The U.S. Government has increased, expanded, or imposed new tariffs on goods imported from various countries. We also export certain products to other countries, and several countries have increased or imposed additional tariffs in response to U.S. tariffs. The tariff environment has been dynamic in 2025, with changes occurring on an ongoing basis, and it is possible that additional developments will occur in the future, including as a result of negotiations between the U.S. and trade partners and legal challenges to the tariffs. At this time, excluding the near-term cash flow impact, we do not believe that the tariffs announced by the U.S. or actions taken in response to these tariffs by other countries will have a material adverse effect upon our results of operation or financial condition over the long term. The actual impact of the tariffs is subject to a number of factors including the effective date and duration of such tariffs, changes in the amount, scope and nature of the tariffs, any countermeasures that the target countries may take, the result of negotiations between the U.S. and trade partners, how our Tier 1 and Tier 2 suppliers react, possible substitution effects, possible duty-free entry entitlements, the outcome of any legal challenges, and any mitigating actions that may become available.
Read in the 10-K filed Jan 29, 2026 ↗