34 unchanged sentences
While the impact of these factors is difficult to predict, any one or more of these factors could adversely affect our operations.
−Removed: The United States recently announced changes to U.S.
−Removed: trade policy, including adding new or modifying existing tariffs on imports, in some cases significantly.
−Removed: For example, on April 2, 2025, the United States announced a 10% baseline reciprocal tariff on imports from all countries, plus an additional country-specific tariff on imports from select trading partners.
+Added: The global trade environment remains highly dynamic and continues to evolve.
+Added: trade policy includes the imposition of baseline, sectoral or country-specific tariffs on imports.
Other countries have announced retaliatory actions or plans for retaliatory actions.
−Removed: On April 9, 2025, the United States implemented a 90-day pause on the country-specific tariffs for all countries except China, while maintaining the 10% baseline tariff.
Tariffs and any retaliatory actions could significantly increase the cost of our products and, particularly with respect to our commercial aircraft, result in lower demand for our products, delivery delays, and terminations of orders by customers.
1 unchanged sentence
Overall, the U.S.-China trade relationship is challenged due to tariffs and other economic and national security concerns .
−Removed: In April 2025, certain customers in China informed us that they will not accept deliveries.
−Removed: If we are unable to deliver aircraft to customers in China consistent with our assumptions and/or obtain additional orders from China in the future, we may experience reduced deliveries and/or lower market share.
+Added: For example, in the second quarter of 2025, certain customers in China paused accepting our deliveries in response to ongoing tariff negotiations.
+Added: Although deliveries to those customers have since resumed, if we are unable to deliver aircraft to customers in China consistent with our assumptions and/or obtain additional orders from China in the future, we may experience reduced deliveries and/or lower market share.
Impacts from potential deterioration in geopolitical or trade relationships between the U.S.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.