6 unchanged sentences
For example, we operate businesses in Mexico and Canada and benefit from the United States-Mexico-Canada Agreement (USMCA).
+Added: On July 1, 2026, the Office of the United States Trade Representative (USTR) announced that the United States does not agree to renewal of USMCA in its current form, triggering an annual review process that may result in modifications of the agreement.
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.
3 unchanged sentences
The Trump Administration immediately imposed new global tariffs pursuant to Section 122 of the Trade Act of 1974, which allows for tariffs of up to 15% for a period of up to 150 days.
−Removed: The Section 122 tariffs were also challenged and held unlawful by the U.S.
−Removed: Court of International Trade in a decision issued May 7, 2026.
+Added: The Section 122 tariffs expired on July 24, 2026.
+Added: On the same day, USTR imposed new tariffs of 10% or 12.5% on 60 trading partners under Section 301 of the Trade Act of 1974.
+Added: In July 2026, the United States imposed tariffs of 50% on certain imports from Canada under Section 338 of the Tariff Act of 1930.
Our business has been negatively affected by these tariffs, and the timing and availability of refunds is uncertain.
1 unchanged sentence
Our business is also affected by various product or sector-specific tariffs that the United States imposes on trading partners.
−Removed: Certain products imported from China, including pulp and paper machinery, are subject to tariffs imposed by the Office of the United States Trade Representative, pursuant to Section 301 of the Trade Act of 1974.
+Added: Certain products imported from China, including pulp and paper machinery, are subject to tariffs imposed by USTR, pursuant to Section 301 of the Trade Act of 1974.
The tariffs on pulp and paper machinery are set at 25%.
In addition, the U.S.
−Removed: Department of Commerce has imposed tariffs of 50% on numerous categories of steel, and aluminum, and copper products, under Section 232 of the Trade Expansion Act of 1962, and has expanded these tariffs to include certain derivative products subject to a 25% tariff.
+Added: Department of Commerce has imposed tariffs of 50% on numerous categories of steel, aluminum, and copper products, under Section 232 of the Trade Expansion Act of 1962, and has expanded these tariffs to include certain derivative products subject to a 25% tariff.
We import products that are impacted by these tariffs.
5 unchanged sentences
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.
−Removed: In response, Russia and China have begun considering and, in some cases, implementing trade sanctions that could
−Removed: affect U.S.-owned businesses.
+Added: In response, Russia and China have begun considering and, in some cases, implementing trade sanctions that could affect U.S.-owned businesses.
The imposition of trade sanctions has and may in the future continue to make it generally more difficult to do business in Russia and China and cause delays or prevent shipment of products or services performed by our personnel, or to receive payment for products or services.
18 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.