5 unchanged sentences
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.
+Added: There is an inclusion process through which domestic industry can request the U.S.
+Added: include new derivative steel and aluminum products that will be subject to the increased tariffs.
Throughout the first Trump administration, the U.S.
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and other countries with respect to regulations.
−Removed: Since taking office, the new Trump administration has implemented various new strategies regarding tariffs.
+Added: Since taking office, the new Trump administration implemented various new strategies regarding tariffs.
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.
1 unchanged sentence
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 and higher rates for certain countries, which took effect on August 1, 2025.
+Added: In April 2025, the Trump administration imposed a universal “reciprocal” tariff of at least 10% on all countries and higher rates for certain countries, which took effect on August 1, 2025.
While ongoing litigation challenges the IEEPA tariffs, arguing that the tariffs exceed the statutory authority under IEEPA, the U.S.
1 unchanged sentence
The tariff actions by the U.S.
−Removed: 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.
+Added: may result in a
+Added: 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.
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.
14 unchanged sentences
However, we are continuously working to enhance our due diligence processes, leveraging available data and supplier engagement to ensure compliance to the fullest extent possible.
−Removed: While any detentions or detainments we have experienced have not resulted in any material impact on our business to date, future detentions, as result of noncompliance or in connection with forced labor enforcement (including noncompliance by or enforcement against our suppliers and manufacturers), could result in unexpected (i) delays or rejections of products scheduled for delivery to us, which could in turn affect the timing or our ability to deliver products to our customers;
−Removed: (ii) supply chain disruptions and increased operating costs;
−Removed: (iii) damage to our customer relationships;
−Removed: and/or (iv) negative publicity that harms our reputation, any of which could have a material impact on our business and negatively affect our ultimate financial results.
+Added: Recently, in September 2025, the U.S.
+Added: CBP issued a Withhold Release Order against bicycles, bicycle parts, and accessories manufactured in Taiwan by Giant Manufacturing Co.
+Added: Ltd., based on information of possible forced labor use.
+Added: The similarity in product offerings and our company’s products being associated with Giant Manufacturing Co.
+Added: may subject our Taiwan-based or other operations to increased scrutiny and review, which could result in compliance and reporting costs and hinder or delay the importation and delivery of our products manufactured in Taiwan.
+Added: With the majority of our manufacturing operations for our bike products occurring in Taiwan, any adverse order issued by the U.S.
+Added: CBP on our company or other manufacturers of bicycles, bicycle parts, and related accessories could negatively affect our business, financial condition or results of operations.
Except as noted in this Item 1A, there have been no material changes to the risk factors described in our Form 10-K for the 2024 fiscal year ended January 3, 2025.
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.