5 unchanged sentences
markets contribute a substantial portion of our revenues, and we intend to continue expanding our presence in these regions.
−Removed: For example, we operate businesses in Mexico and Canada, and we benefited from the North American Free Trade Agreement, which has been replaced by the United States-Mexico-Canada Agreement (USMCA), from which we also benefit.
−Removed: If the United States were to withdraw from or materially modify the USMCA or impose significant tariffs or taxes on goods imported into the United States, the cost of our products could significantly increase or no longer be priced competitively, which in turn could have a material adverse effect on our business and results of operations.
−Removed: Since February 2025, the Trump administration has announced or imposed a series of tariffs on U.S.
+Added: For example, we operate businesses in Mexico and Canada and benefit from the United States-Mexico-Canada Agreement (USMCA).
+Added: If the United States were to withdraw from or materially modify the USMCA or impose significant tariffs or taxes on goods imported into the United States, the cost of our products
+Added: could significantly increase or no longer be priced competitively, which in turn could have a material adverse effect on our business and results of operations.
+Added: Since February 2025, the Trump administration has relied on the International Emergency Economic Powers Act (IEEPA) to impose a series of tariffs on U.S.
trading partners.
−Removed: In February 2025, the Trump administration imposed a 25% tariff on Canada and Mexico for goods not covered by the USMCA, and a 20% tariff on China.
−Removed: On April 2, 2025, President Trump announced a 10% "baseline" reciprocal tariff on all U.S.
−Removed: trading partners effective April 5, 2025, and higher, country-specific reciprocal tariffs on 57 countries.
−Removed: The Trump administration subsequently paused the additional country-specific reciprocal tariffs for all countries except China.
−Removed: As of July 25, 2025, imports from most countries, excluding those from Canada, Mexico, and China, are subject to an additional 10% tariff;
−Removed: imports from China are subject to an additional 30% tariff;
−Removed: and non-USMCA compliant imports from Canada and Mexico are subject to an additional 25% tariff (except for Canadian energy and energy resources and potash, which are subject to a 10% tariff).
−Removed: In addition, President Trump announced trade agreements with several countries, including the European Union and the United Kingdom, with baseline tariffs ranging from 10% to 20%.
−Removed: On July 31, 2025, President Trump announced new reciprocal tariffs on nearly all countries, ranging from 10% to 41%.
−Removed: In response to the U.S.
−Removed: tariff changes, certain foreign countries, such as China, increased their tariffs on certain U.S.
+Added: In February 2025, the Trump administration imposed a 25% tariff on Canada and Mexico for non-USMCA originating goods, and a 20% tariff on China (the trafficking tariffs).
+Added: As of October 29, 2025, the trafficking tariffs on Canada, Mexico, and China are 35%, 25% and 20%, respectively.
+Added: In addition, on April 2, 2025, President Trump announced a 10% "baseline" tariff on all U.S.
+Added: trading partners effective April 5, 2025 and higher, country-specific reciprocal tariffs on 57 countries (the reciprocal tariffs).
+Added: The reciprocal tariffs do not apply to Canada, Mexico and a few other countries.
+Added: Although the Trump administration subsequently paused the country-specific reciprocal tariffs for all countries except China, President Trump issued an executive order on July 31, 2025 imposing new country-specific reciprocal tariffs ranging from 10-41% on 69 countries, effective August 7, 2025.
+Added: Several countries, including the United Kingdom and the European Union, have reached trade agreements with the United States that include reductions in the country-specific reciprocal tariffs and other commitments.
+Added: Negotiations with numerous other countries continue.
+Added: On November 1, 2025, President Trump announced the United States and China reached a framework agreement that will result in the suspension of the country-specific reciprocal tariff on China until November 10, 2026, and reduce the trafficking tariff on China from 20% to 10%, effective November 10, 2025.
+Added: China will remain subject to a reciprocal tariff of 10%.
Our business has been negatively affected by these tariffs and may be negatively affected in the future by this quickly evolving tariff situation and the economic uncertainty created thereby.
3 unchanged sentences
In addition, the U.S.
−Removed: Department of Commerce has imposed tariffs of 50% on numerous categories of steel and aluminum imports, under Section 232 of the Trade Expansion Act of 1962, and has expanded these tariffs to include certain derivative steel and aluminum products.
+Added: Department of Commerce has imposed tariffs of 50% on numerous categories of steel and aluminum products, under Section 232 of the Trade Expansion Act of 1962, and has expanded these tariffs to include certain derivative steel and aluminum products.
On July 30, 2025, President Trump announced the results of a Section 232 investigation on copper, imposing a 50% tariff on imports of semi-finished copper and copper derivatives, effective August 1, 2025.
We import products that are impacted by these tariffs.
−Removed: While we try to mitigate the impact of the existing and
−Removed: other proposed tariffs by the Trump administration through pricing and sourcing strategies, we cannot be certain how our customers and competitors will react to the actions we take.
+Added: While we try to mitigate the impact of the existing and other proposed tariffs by the Trump administration through pricing and sourcing strategies, we cannot be certain how our customers and competitors will react to the actions we take.
The tariffs have and could in the future negatively affect our ability to compete against competitors who do not manufacture in China and/or are not subject to the tariffs.
2 unchanged sentences
The United States has continued to expand export control restrictions applicable to certain Chinese firms and continued its assessment of new controls for "emerging foundational technologies," escalating U.S.-China tension concerning technology.
−Removed: Moreover, tensions between the U.S.
−Removed: and China have increased and future actions by the U.S.
−Removed: or Chinese governments may impact our operations in and imports from China, as well as sales to and from China.
+Added: Moreover, tensions between the United States and China have increased and future actions by the United States or Chinese governments may impact our operations in and imports from China, as well as sales to and from China.
In response, Russia and China have begun considering and, in some cases, implementing trade sanctions that could affect U.S.-owned businesses.
8 unchanged sentences
The conflict between Russia and Ukraine, as well as other conflicts such as those in the Middle East, may also have the effect of heightening other risks disclosed in our Annual Report, any of which could materially and adversely affect our business and results of operations.
−Removed: Such risks include, but are not limited to, adverse effects on macroeconomic conditions, including inflation and business and consumer spending;
+Added: Such risks include, but are not limited to, adverse effects on
+Added: macroeconomic conditions, including inflation and business and consumer spending;
disruptions to our global technology infrastructure, including through cyberattack, ransomware attack, or cyber-intrusion;
8 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.