Higher U.S. Import Tariffs
First written in FY2018. 1 of 5 entries say "Worsened", first in FY2019-Q1. Latest entry: FY2025.
The whole theme swung hardest in 2022: 106 of 135 companies on the "Worse" side.
- FY2025U.S. Tariff Risk ResurfacesAnnual report
「The global economy is expected to slow amid uncertainty resulting from higher U.S. tariff rates and growing policy uncertainty.」
Tighter U.S. import tariffs, which had received less attention in previous disclosures, were again explicitly identified as a source of uncertainty for the global economy. - FY2021DroppedAnnual report
「As in the previous fiscal year, procurement of components such as semiconductors remains difficult. To continue manufacturing products, we are securing inventories and considering alternative components in an effort to ensure a stable supply of products.」
The risk of tighter U.S. import tariffs was not explicitly identified as a specific risk or issue for the current fiscal year, while the focus of the disclosure shifted to supply risks involving component shortages and consideration of alternative components. - FY2019RestatedAnnual report
「Regarding the move toward tighter U.S. import tariffs, we will respond flexibly, including by considering changes to contract manufacturers for products destined for the United States, and will work to minimize the impact.」
The risk of tighter U.S. import tariffs and the policy of considering changes to contract manufacturers as a response have continued. - FY2019-Q1WorsenedAnnual report
「The main factor was a ¥337 million increase in total current assets, resulting from a ¥112 million increase in merchandise and finished goods and a ¥197 million increase in raw materials and supplies, mainly for advance procurement in response to raw material shortages and moves by the United States to strengthen import tariffs.」
The company stated that its response to tighter U.S. import tariffs led to advance ordering and increased inventories, indicating a shift from recognizing the risk to facing a situation involving specific response costs. - FY2018First statedAnnual report
「Regarding the move toward tighter U.S. import tariffs, we will respond flexibly, including by considering changes to contract manufacturers for products destined for the United States, and will work to minimize the impact.」
The company recognized tighter U.S. import tariffs as an external risk and cited consideration of changing contract manufacturers as a countermeasure.