4 unchanged sentences
imposed tariffs of 25% on steel and 10% on aluminum, with only a handful of countries exempt from the increase.
−Removed: The new Trump administration recently enhanced these measures by increasing the tariff on aluminum to 25%, expanding the products on which the tariffs will be assessed to include derivative products containing steel or aluminum, and terminating all countrywide exemptions and the product specific exemption process.
+Added: The new Trump administration recently enhanced these measures by increasing the tariffs on aluminum and steel to 50% for all countries except the United Kingdom, expanding the products on which the tariffs will be assessed to include derivative products containing steel or aluminum, and terminating all countrywide exemptions and the product specific exemption process.
Throughout the first Trump administration, the U.S.
8 unchanged sentences
Since taking office, the new Trump administration has implemented various new strategies regarding tariffs.
−Removed: President Trump invoked the International Emergency Economic Powers Act to impose 25% tariffs on products from Mexico and 25% tariffs on products from Canada (with a lower 10% tariff on Canadian energy and energy resources) but exempted from the tariffs those products that are entitled to preferential treatment under the United States-Mexico-Canada Agreement.
+Added: President Trump invoked the International Emergency Economic Powers Act (“IEEPA”) to impose 25% tariffs on products from Mexico and 25% tariffs on products from Canada (with a lower 10% tariff on Canadian energy and energy resources) but exempted from the tariffs those products that are entitled to preferential treatment under the United States-Mexico-Canada Agreement.
President Trump also imposed a 20% tariff on all imports from China and Hong Kong under the International Emergency Economic Powers Act.
Acting on an investigation concluded during the first Trump administration, the current Trump administration imposed tariffs of 25% on certain passenger vehicles and light trucks and parts for those vehicles.
−Removed: Most recently, in April 2024, the Trump administration imposed a universal “reciprocal” tariff of 10% on all countries.
−Removed: This rate was set to increase for certain countries, but the Trump administration delayed implementation of the increased rates until July 2025 to permit those countries to negotiate with the United States.
−Removed: Because of retaliatory actions taken by China, the Trump administration increased the reciprocal tariff on all Chinese goods (including goods from Hong Kong and Macau) to 125%.
−Removed: This is in addition to the 20% IEEPA tariff on Chinese goods.
+Added: Most recently, in April 2024, the Trump administration imposed a universal “reciprocal” tariff of 10% on all countries and higher rates for certain countries, which took effect on August 1, 2025.
+Added: While ongoing litigation challenges the IEEPA tariffs, arguing that the tariffs exceed the statutory authority under IEEPA, the U.S.
+Added: Court of Appeals for the Federal Circuit granted a temporary, administrative stay, which keeps the tariffs in place during ongoing litigation.
The tariff actions by the U.S.
may result in a decrease of global trade volumes due to uncertainty, may create an administrative burden, and will cause retailers to make difficult decisions as to how to pay the tariff or absorb the cost into their profit margins.
−Removed: Recently, a coalition of U.S.
−Removed: producers of aluminum extrusions filed a petition with U.S.
−Removed: trade authorities requesting the imposition of anti-dumping duties against imports of aluminum extrusions from 15 countries.
−Removed: Following hearings in October 2024, the U.S.
−Removed: International Trade Commission determined that the aluminum extrusions do not harm U.S.
−Removed: industry and, therefore, the U.S.
−Removed: Department of Commerce will not issue antidumping or countervailing duty orders for applicable countries.
−Removed: While we face no immediate consequences on the import of aluminum extrusions, because the U.S.
−Removed: producers challenged the USITC determination at the U.S.
−Removed: Court of International Trade and aluminum is one of the primary raw materials used in the production of our products, our operating results could be adversely impacted by the future imposition of duties on extruded aluminum.
While we have exposure to implemented tariffs at this time, in regard to our supply chain and end-user demand, any expansion in the types of tariffs implemented has the potential to negatively impact our supply chain costs and the operating performance of our customers, which in turn may negatively affect our sales, gross margin, and operating performance.
10 unchanged sentences
In January 2025, the Department of Homeland Security added to the UFLPA entity list, marking the largest single expansion of the list to date, and including a large supplier of critical minerals and one of the world’s largest textile manufacturers, both linked to forced labor practices in the People’s Republic of China.
−Removed: Although we do not believe that our suppliers source materials from entities included on the UFLPA for the products they sell to us or use to manufacture our products and we could be subject to penalties, fines or sanctions if any of the suppliers from which we purchase goods is found to have dealings, directly or indirectly, with entities on the ULFPA entities list.
+Added: Although we do not believe that our suppliers source materials from entities included on the UFLPA for the products they sell to us or use to manufacture our products, we could be subject to penalties, fines or sanctions if any of the suppliers from which we purchase goods is found to have dealings, directly or indirectly, with entities on the ULFPA entities list.
We are committed to complying with the UFLPA and have taken significant steps to assess and mitigate risks within our supply chain.
7 unchanged sentences
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.