Concerns over contraction in global trade due to high-tariff policies
First written in FY2019-Q2. 2 of 5 entries say "Restated". Latest entry: FY2020-Q3.
The whole theme swung hardest in 2022: 106 of 135 companies on the "Worse" side.
1 other company's latest entry also says "Mitigated".
- FY2020-Q3MitigatedAnnual report
「During the cumulative third-quarter period of the current consolidated fiscal year, the U.S.-China trade talks that began in the previous fiscal year reached a formal Phase One agreement, leading to tariff reductions for the first time since the previous summer. However, many issues involving unfair trade practices, which had proved difficult to resolve, were deferred, and many observers continued to view a recovery in the situation as uncertain.」
The formal Phase One agreement in the U.S.-China trade talks led to moves toward tariff reductions, but issues involving unfair trade practices were deferred and uncertainty remained. - FY2020-Q2RestatedAnnual report
「During the cumulative second-quarter period of the current consolidated fiscal year, the U.S.-China trade talks that began in the previous fiscal year became increasingly protracted amid further rounds of higher tariffs, heightening concerns about the global economy.」
The company continues to describe the uncertain global situation, including the prolonged U.S.-China trade talks and cycle of higher tariffs, the United Kingdom's withdrawal from the EU and U.S. trade demands. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the U.S.-China trade dispute that began in the previous fiscal year became increasingly protracted amid indications of additional tariffs, heightening concerns about the global economy. The United Kingdom's withdrawal from the EU continued to be uncertain and entered the process of changing prime ministers, while the U.S. government, with a presidential election scheduled for the following year, called on the EU and Japan to improve trade relations, resulting in a turbulent outlook.」
The U.S.-China trade dispute became protracted amid additional tariffs, while the United Kingdom's withdrawal from the EU and U.S. demands for improved trade relations added to uncertainty surrounding global trade and the economy. - FY2019-Q3RestatedAnnual report
「A cycle of high-tariff policies began with the United States imposing high tariffs and spread to China, the EU, Canada and others. After several further escalations between the United States and China, the two countries entered 90 days of consultations. Concerns over a contraction in global trade resulting from these unusual foreign policies also widened. Along with the twists and turns surrounding the United Kingdom's withdrawal from the EU and developments in the U.S. Congress, where opposition parties had gained influence, the global situation remained highly unpredictable.」
The company continues to identify the uncertain global situation, including the cycle of high-tariff policies and concerns over a contraction in global trade, as an external risk. - FY2019-Q2First statedAnnual report
「A cycle of high-tariff policies began with the United States imposing high tariffs and spread to China, the EU, Canada and others. The escalation between the United States and China deepened several times in particular. Concerns over a contraction in global trade resulting from these unusual foreign policies have also emerged, leaving the global situation highly unpredictable.」
The company identifies as external risks the cycle of high-tariff policies initiated by the United States involving China, the EU, Canada and others, and concerns over the resulting contraction in global trade.