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 · Pharmaceutical Preparations show all sectors
•trade protection measures, including tariffs, import or export licensing requirements, other governmental restrictions such as trade sanctions, and changes to international trade agreements;
Read in the 10-K filed Feb 21, 2025 ↗
In addition, significant portions of our business are conducted in Europe, Asia, and other international geographies. Trade and other global disputes and interruptions, including related to tariffs, trade protection measures, import or export licensing requirements, the imposition of trade sanctions or similar restrictions by the U.S. or other governments, international tension and conflicts, as well as economic stagnation, cost inflation, strains on global transportation, manufacturing, and labor markets, and public health outbreaks, epidemics, or pandemics affect our ability to do business. Among other risks, the use of tariffs and other trade restrictions increase costs and may impact clinical trials or sales of our products, or otherwise complicate aspects of our business. In particular, tensions between the U.S. and China, which have already led to a series of tariffs and sanctions, as well as other business restrictions, could further escalate based on additional trade restrictions or retaliation thereto. In February 2025, the U.S. presidential administration imposed new tariffs on Chinese goods and China responded with tariffs on select U.S. goods. Additionally, tariffs were proposed or threatened with respect to other jurisdictions, including Mexico, Canada and Europe. If geopolitical tensions were to increase and disrupt our operations in, or related to, China or other major international geographies, such disruption would significantly impact our business. See Item 1A, "Risk Factors—Risks Related to Our Operations—Reliance on third-party relationships and outsourcing arrangements could adversely affect our business," for additional information. As a further example, the financial impact of higher energy prices, defense spending, and geopolitical and economic disruptions, has further exacerbated financial pressures on governments with single-payer or government funded healthcare systems, leading to increased impetus for increases in rebates, clawbacks, and other reforms to reimbursement systems, particularly in Europe. These and similar events have adversely affected, and may continue to adversely affect, us, our business partners, and our customers. For more details, see Item 1, "Business—Regulations and Private Payer Actions Affecting Pharmaceutical Pricing, Reimbursement, and Access."
Read in the 10-K filed Feb 19, 2025 ↗
The U.S. government has announced plans to significantly increase tariffs on foreign imports into the U.S., particularly from Canada and Mexico and has already increased tariffs on imports from China. It is too early for the
Read in the 10-K filed Feb 25, 2025 ↗
•changes in tariffs, trade barriers, and regulatory requirements, the risks of which appear to have increased in the current political environment;
Read in the 10-K filed Feb 13, 2025 ↗
These risks are increased with respect to countries such as China that have substantially different local laws and business practices and weaker protections for intellectual property. In particular, there is currently significant uncertainty about the future relationship between the U.S. and various other countries, including China, with respect to trade policies, treaties, tariffs, taxes, and other limitations on cross-border operations. The U.S. government has made and continues to make significant additional changes in U.S. trade policy and may continue to take future actions that could negatively impact U.S.
Read in the 10-K filed Feb 13, 2025 ↗
Modification of foreign trade policy by the U.S. or other countries or the imposition of tariffs on imported goods may harm our business.
Read in the 10-K filed Feb 13, 2025 ↗