Tariffs and trade barriers
84 of 521 companies dropped a paragraph in Risk Factors that uses one of these words:
tariff, tariffs, trade war, import duties, customs duties, export controls.
The paragraph was in the earlier 10-K and nothing like it is in the latest.
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 |
|---|---|---|
| Aircraft Engines & Engine Parts | 2 | 2 |
| Apparel & Other Finishd Prods of Fabrics & Similar Matl | 1 | 1 |
| Communications Equipment, NEC | 1 | 1 |
| Electrical Industrial Apparatus | 1 | 1 |
| Electromedical & Electrotherapeutic Apparatus | 1 | 1 |
| Electronic Components, NEC | 1 | 1 |
| Farm Machinery & Equipment | 1 | 1 |
| Games, Toys & Children's Vehicles (No Dolls & Bicycles) | 1 | 1 |
| Gas & Other Services Combined | 1 | 1 |
| Misc Industrial & Commercial Machinery & Equipment | 1 | 1 |
| Oil Royalty Traders | 1 | 1 |
| Ordnance & Accessories, (No Vehicles/Guided Missiles) | 1 | 1 |
| Paper Mills | 1 | 1 |
| Retail-Eating & Drinking Places | 1 | 1 |
| Retail-Radio, Tv & Consumer Electronics Stores | 1 | 1 |
| Telephone & Telegraph Apparatus | 1 | 1 |
| Wholesale-Motor Vehicle Supplies & New Parts | 1 | 1 |
| Computer Communications Equipment | 2 | 3 |
| Search, Detection, Navigation, Guidance, Aeronautical Sys | 2 | 4 |
| Instruments For Meas & Testing of Electricity & Elec Signals | 1 | 2 |
| Optical Instruments & Lenses | 1 | 2 |
| Paperboard Containers & Boxes | 1 | 2 |
| Printed Circuit Boards | 1 | 2 |
| Pumps & Pumping Equipment | 1 | 2 |
| Retail-Auto & Home Supply Stores | 1 | 2 |
| Rubber & Plastics Footwear | 1 | 2 |
| Services-Medical Laboratories | 1 | 2 |
| Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) | 1 | 2 |
| Pharmaceutical Preparations | 5 | 11 |
| Orthopedic, Prosthetic & Surgical Appliances & Supplies | 2 | 5 |
| Semiconductors & Related Devices | 5 | 15 |
| Electric & Other Services Combined | 4 | 12 |
| Petroleum Refining | 2 | 6 |
| Computer & office Equipment | 1 | 3 |
| Electrical Work | 1 | 3 |
| Electronic Computers | 1 | 3 |
| Plastic Materials, Synth Resins & Nonvulcan Elastomers | 1 | 3 |
| Services-Computer Integrated Systems Design | 1 | 3 |
| Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics | 1 | 3 |
| Wholesale-Drugs, Proprietaries & Druggists' Sundries | 1 | 3 |
| Finance Services | 7 | 28 |
| Investment Advice | 2 | 8 |
| Electronic & Other Electrical Equipment (No Computer Equip) | 1 | 4 |
| Motor Vehicles & Passenger Car Bodies | 1 | 4 |
| Security & Commodity Brokers, Dealers, Exchanges & Services | 1 | 4 |
| Electric Services | 3 | 15 |
| Surgical & Medical Instruments & Apparatus | 2 | 10 |
| Hospital & Medical Service Plans | 1 | 5 |
| Laboratory Analytical Instruments | 1 | 5 |
| Retail-Variety Stores | 1 | 5 |
| Crude Petroleum & Natural Gas | 1 | 7 |
| Security Brokers, Dealers & Flotation Companies | 1 | 7 |
| Real Estate Investment Trusts | 3 | 27 |
| National Commercial Banks | 1 | 11 |
| Services-Business Services, NEC | 1 | 16 |
| Services-Prepackaged Software | 1 | 19 |
172 paragraphs · Petroleum Refining show all sectors
In early 2025, the new U.S. presidential administration announced broad-based tariffs on goods imported from certain countries where we purchase feedstocks, including a ten percent tariff on energy resources such as crude oil, natural gas and NGLs imported from Canada. Some of these tariffs have been stayed for brief periods of at least 30 days. If the provisions of those tariffs are maintained as proposed, we would expect added market volatility, with the longer term impacts to our refining and marketing margin uncertain. In addition, retaliatory tariffs imposed by other countries or other potential government actions, would likely result in further adverse impacts.
Read in the 10-K filed Feb 27, 2025 ↗
Many government authorities across the world have imposed, and may impose in the future, laws, regulations, and policies designed to facilitate less petroleum-dependent modes of transportation (e.g., increases in fuel economy or efficiency standards, low-carbon fuel standards, restrictions and bans on vehicles using internal combustion engines, tariffs, duties, tax incentives, and EV subsidies), which could reduce demand for our petroleum-based products and/or all liquid transportation fuels. For example, CARB’s current Scoping Plan identifies strategies to reduce liquid petroleum consumption in California by 94 percent by 2045, and CARB has approved a series of related rulemakings discussed below. The European Union (EU), the U.K., Canada, and Quebec have each adopted what they refer to as “zero-emissions vehicle” mandates and other government authorities across the world, such as Mexico, Quebec,
Read in the 10-K filed Feb 26, 2025 ↗