Business Constraints Arising from China-U.S. Tensions, Tariffs, Export and Import Restrictions, and Other Measures
First written in FY2025. 1 of 2 entries say "Worsened", first in FY2026. Latest entry: FY2026.
Kioxia Holdings moved to the "Worse" side of this theme in 2026, 1 year after the typical company in this theme (2025).
The whole theme swung hardest in 2022: 4 of 6 companies on the "Worse" side.
8 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Geopolitical risks, including U.S.-China tensions, worsening conditions in the Middle East and tariffs imposed by various countries, as well as the impact of natural disasters such as earthquakes on the supply chain, may increase the Group’s procurement costs and affect its product supply network.」
The scope of geopolitical risks has expanded beyond U.S.-China tensions and export and import controls to include the situation in the Middle East, tariffs in various countries and a Taiwan contingency. - FY2025First statedAnnual report
「If tariffs, taxes or other export and import regulations, or changes in their implementation arising from U.S.-China trade tensions, restrict sales to major customers of the Group located in China or cause those customers’ production volumes to decline, revenue from those major customers may fall substantially.」
The Group seeks to identify regulatory developments early and communicate them internally, including their effects on Chinese and U.S. customers and suppliers of raw materials and equipment.