Increasing uncertainty in the business environment due to US-China trade tensions and protectionist trade policies
First written in FY2019-Q1. 3 of 8 entries say "Worsened", first in FY2019-Q2. Latest entry: FY2026.
Ck San-Etsu moved to the "Worse" side of this theme in 2018, 1 year before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 3 of 6 companies on the "Worse" side.
2 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「The global economy during the consolidated fiscal year was thrown into turmoil as the United States advocated an “America First” policy and forcefully pursued protectionist trade policies.」
The description changed from the previous interim period’s account of disruption to trade and investment caused by protectionist trade policies to a description for the full fiscal year stating that the policies were pursued forcefully and the global economy was thrown into turmoil. - FY2026-H1Re-emergence of protectionist trade policy risksAnnual report
「During the interim consolidated fiscal period, the global economy was disrupted in trade and investment across countries because the United States shifted to protectionist trade policies.」
The external-environment risk related to protectionist trade policies, which had disappeared from prior disclosures, was again explicitly described in terms of a shift in US policy and disruption to trade and investment. - FY2020DroppedAnnual report
「The global economy during the consolidated fiscal year was affected when an outbreak of COVID-19 occurred in Wuhan, Hubei Province, China, in November 2019 and spread rapidly to countries around the world.」
The references to US-China trade tensions and protectionist trade policies that had been explicitly stated through the previous quarter are not presented as an independent external-environment risk in this filing. - FY2020-Q3RestatedAnnual report
「The Chinese economy slowed during the cumulative third quarter period due to US-China trade tensions and other factors.」
The filing states that the Chinese economy slowed due to US-China trade tensions and other factors, indicating that the impact of the external-environment risk related to trade tensions has continued. - FY2020-Q2MaterialisedAnnual report
「The Chinese economy slowed during the cumulative second quarter period due to US-China trade tensions and other factors.」
The filing states that the Chinese economy slowed due to US-China trade tensions and other factors, indicating that the impact of external-environment risks related to trade tensions and protectionist trade policies has emerged in actual economic conditions. - FY2019-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, the global economy remained firm, led by the United States. However, due to the impact of trade friction between the United States and China, production of high-tech products in China fell sharply and exports of semiconductor manufacturing equipment from Japan declined.」
In addition to the risk of rising protectionism noted in the previous quarter, the filing specifically describes a sharp decline in Chinese high-tech product production and a decrease in Japan’s exports of semiconductor manufacturing equipment due to the impact of US-China trade tensions, showing the effects of the external-environment risk. - FY2019-Q2WorsenedAnnual report
「The global economy during the cumulative second quarter period remained firm, led by the United States, but the risk of rising protectionism stemming from US-China trade tensions increased.」
Compared with the previous quarter’s description that “the outlook is uncertain,” the wording now states that the risk of rising protectionism “increased,” indicating that the external-environment risk related to US-China trade tensions has intensified. - FY2019-Q1First statedAnnual report
「During the first quarter of the current consolidated cumulative period, the global economy remained firm, led by the United States and China. However, the outlook became uncertain as protectionist trade policies emerged from trade friction between the United States and China.」
The filing identifies the rise of protectionist trade policies stemming from US-China trade tensions, and the resulting uncertainty about the future, as a new external-environment risk.