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 · Real Estate Investment Trusts show all sectors
suppliers. These pressures are expected to intensify in 2026 due to tariff‑driven material‑cost volatility. Certain increases in the costs of
Read in the 10-K filed Jan 26, 2026 ↗
platform, and in return AstraZeneca and Pfizer will receive a three-year tariff reprieve. While these developments signal accelerating
Read in the 10-K filed Jan 26, 2026 ↗
•On February 1, 2025, President Trump signed executive orders imposing a 25% tariff on certain imports from Mexico and
Read in the 10-K filed Jan 26, 2026 ↗
•On March 3, 2025, the President increased tariffs on all products from China from 10% to 20%. He also implemented new
Read in the 10-K filed Jan 26, 2026 ↗
universal import tariff on all goods, with higher rates for 57 trading partners. This announcement led to a significant stock
Read in the 10-K filed Jan 26, 2026 ↗
•On April 9, 2025, facing a global financial market meltdown, the President announced a 90-day pause on tariffs for most
Read in the 10-K filed Jan 26, 2026 ↗
9.5%. However, on April 10, 2025, U.S. stocks fell as the initial euphoria over the pause on tariffs faded. Subsequently, on
Read in the 10-K filed Jan 26, 2026 ↗
June 12, 2025, the President announced that the 125% tariff would be replaced with a 55% tariff on select Chinese goods.
Read in the 10-K filed Jan 26, 2026 ↗
•On April 14, 2025, the U.S. government launched an investigation into pharmaceuticals to justify tariffs that may be
Read in the 10-K filed Jan 26, 2026 ↗
U.S., and it is estimated that U.S. tariffs could add $46 billion in costs to the pharmaceutical industry.
Read in the 10-K filed Jan 26, 2026 ↗
•On August 21, 2025, the U.S. and the European Union reached a trade agreement establishing a 15% ceiling on tariffs
Read in the 10-K filed Jan 26, 2026 ↗
signaling potential divergence in tariff treatment for manufacturers based outside allied markets such as India and China.
Read in the 10-K filed Jan 26, 2026 ↗
subject to a 100% tariff on all branded and patented drugs imported into the U.S. The President stated that manufacturers
Read in the 10-K filed Jan 26, 2026 ↗
could avoid these tariffs by establishing U.S.-based production operations, with qualifying activity defined as either
Read in the 10-K filed Jan 26, 2026 ↗
If tariff uncertainty, its associated costs, and the disruption of broader financial markets continue, we may face the following
Read in the 10-K filed Jan 26, 2026 ↗
prices, particularly those subject to tariffs or disrupted supply, which may lead to project delays and/or increased costs.
Read in the 10-K filed Jan 26, 2026 ↗
•Macroeconomic impact. Widespread tariffs, restricted trade, increased market volatility, and reduced investor confidence
Read in the 10-K filed Jan 26, 2026 ↗
The cost increases that may result from tariffs, trade conflicts, and financial market volatility may significantly impact our
Read in the 10-K filed Jan 26, 2026 ↗
grant support, drug pricing pressures, and increased operational costs from tariffs, prompting them to downsize, consolidate, or defer
Read in the 10-K filed Jan 26, 2026 ↗
material and labor costs, tariffs, extended interconnection timelines, and competition. Additionally, changes in federal,
Read in the 10-K filed Jan 26, 2026 ↗
•increased costs, including those driven by tariffs, regulatory changes, or other supplychain cost escalations such as higher prices for materials, equipment, contracted services, compliance requirements, or constraints in global or domestic supply chains; and
Read in the 10-K filed Feb 12, 2026 ↗
Recent and ongoing changes in U.S. federal government policy have introduced uncertainty to the capital markets, as well as within our industry and the industries of our tenants and operators. These policy changes include, but are not limited to, workforce reductions at federal agencies; executive actions impacting National Institutes of Health (“NIH”) grant funding; changes to visa policies affecting the scientific workforce; efforts to cap NIH indirect cost reimbursements; tariffs and potential tariff actions; and changes to drug pricing policies. For example, recent policy shifts and administration priorities affecting research funding, drug pricing, drug review and approval processes, and tariffs, among other policies, have created uncertainty in the life science ecosystem in which our lab tenants operate. This uncertainty has adversely impacted, and in the future may adversely impact, the ability of life science companies obtain investor funding, which could lead to setbacks in research and development timelines, advancement of drug pipelines, or achievement of commercial viability. In addition, competitive international biotech sectors, including in China, supported by favorable regulatory conditions and costs there, may also divert research and development activity and investment away from the U.S., reducing long-term demand for domestic life science real estate. These policy shifts and other dynamics may affect our lab tenants’ ability to make rent payments to us or expand within our properties, which, as a result, could negatively impact our operating and financial results.
Read in the 10-K filed Feb 3, 2026 ↗
Tariffs and potential tariff actions have also led to market volatility, higher construction costs, and supply chain disruptions, which could delay or increase the cost of our development projects and impair our access to capital.
Read in the 10-K filed Feb 3, 2026 ↗
Geopolitical events, including trade tensions between the U.S. and other countries, the war between Russia and Ukraine, and ongoing conflicts in the Middle East, could negatively affect our global operations, and their future impact remains unpredictable. In addition, uncertainty surrounding the legality, enforceability, and interpretation of U.S. and international laws, executive actions, regulatory frameworks, and enforcement priorities could result in compliance challenges, significant penalties, operational restrictions, reputational harm, or adverse effects on our business and results of operations. Periodic risks of a U.S. government shutdown could further disrupt economic conditions. Moreover, actual or proposed U.S. tariffs and potential counter tariffs may increase costs and disrupt our supply chain, with their scope and duration dependent on evolving negotiations and exemptions, making their impact difficult to predict. Our inability to effectively manage these developments could have a material adverse effect on our business, financial condition, results of operations, and the price of our common stock.
Read in the 10-K filed Feb 11, 2026 ↗
Current relations between the U.S. and China have created increased supply chain risk due to successive U.S. legislation promoting decoupling from China on semiconductors and specific telecommunications equipment makers as well as the threat of increased tariffs and having to source from alternative suppliers for key components outside of China. We are currently using our global supply chain to manage the evolving tariff environment and reduce impacts on our business and customers. At this time, we believe the largest potential tariff impact for us is related to steel and steel derivatives. Tariffs on steel and steel derivatives could lead to significant building cost increases for us if we are unable to source alternative options. Any additional tariffs to be imposed by the U.S. on imports from certain countries and potential counter-tariffs in response, could lead to increased costs and supply chain disruptions.
Read in the 10-K filed Feb 11, 2026 ↗
Laws and regulations related to economic sanctions, export controls, anti-bribery and anti-corruption, and other international activities may restrict or limit our ability to engage in transactions or dealings with certain counterparties, in or with certain countries or territories, or in certain activities. We screen third parties against applicable sanctions lists per our standard process, and use of software solutions when possible. However, sanctions lists continue to evolve and vary by country. We continue to address necessary changes in global sanctions laws including by running manual sanctions checks in certain instances and we modify our processes as necessary in light of evolving laws. A material failure to comply with global sanctions laws could have a negative effect on our reputation, business and financial condition. In addition, we have several Chinese customers who are named in restrictive executive orders ("EOs") in the United States, and while a majority of these EOs do not apply to the type of services that we currently provide to these Chinese customers, the landscape continues to evolve, and new rules have been broader than what we have historically experienced. If we are required to cease business with these companies, or additional companies in the future, our revenues could be adversely affected. The U.S. has
Read in the 10-K filed Feb 11, 2026 ↗
•Trade disputes, supply chain disruptions, the possibility of changes to international trade agreements, tariffs and other regulatory actions;
Read in the 10-K filed Feb 25, 2026 ↗
•Tariffs, trade disputes, geopolitical tensions and instability, and other macroeconomic developments;
Read in the 10-K filed Feb 25, 2026 ↗
we may face construction delays or higher construction costs caused by potential increases in the cost of imported goods and materials due to threatened or implemented tariffs and international trade disputes, supply chain disruptions and/or shortages;
Read in the 10-K filed Feb 25, 2026 ↗
not limited to: (i) foreign currency fluctuations and challenges with respect to the repatriation of foreign earnings and cash; (ii) treatment of international currency gains or losses under certain tests required for us to maintain our status as a REIT; (iii) impact from international trade disputes and the associated impact on our managers’, tenants’ and borrowers’ supply chain and consumer spending levels; (iv) changes in foreign political, regulatory and economic conditions; (v) challenges in staffing and labor and managing international operations, including negotiating with foreign labor unions; (vi) challenges of complying with a wide variety of foreign laws and regulations, including those relating to real estate, corporate governance, operations, licensing, taxes, data privacy (including U.K. GDPR), cybersecurity, employment and legal proceedings; (vii) changes in regulatory and environmental requirements, taxes, tariffs, trade wars and laws; (viii) foreign ownership restrictions with respect to operations in foreign countries; (ix) local businesses and cultural factors that differ from our usual standards and practices; (x) differences in lending practices and the willingness of domestic or foreign lenders to provide financing; (xi) regional or country-specific business cycles and political and economic instability; and (xii) failure to comply with applicable laws and regulations in the United States that affect foreign operations, such as the U.S. Foreign Corrupt Practices Act.
Read in the 10-K filed Feb 6, 2026 ↗
we do pass on those cost increases to our customers, it could reduce demand for our products. Further, tariff-related disruptions could cause supply chain delays and increase our operational expenses. These changes could have a material adverse effect on our business, financial condition and results of operations, including facility closures or impairments of assets. We cannot predict future U.S. or foreign trade policy or the terms and conditions of any resolutions or settlements of international trade disputes and their effects on our business, and the evolving landscape of global trade policies, including the potential for further tariff escalations or broader economic impacts, could adversely affect our business, financial condition and results of operations.
Read in the 10-K filed Feb 13, 2026 ↗