Trade Frictions Arising from U.S. Protectionism
First written in FY2019-Q1. 7 of 8 entries say "Worsened", first in FY2019-Q3. Latest entry: FY2026.
The whole theme swung hardest in 2022: 104 of 134 companies on the "Worse" side.
- FY2026WorsenedAnnual report
「The business environment surrounding the Group has become increasingly uncertain, due in part to U.S. tariff measures.」
The company states that, in addition to the risks associated with U.S.-China trade friction and additional tariffs, U.S. tariff measures have increased uncertainty in the business environment and affected the performance of products for the construction equipment market. - 2026-05-13WorsenedEarnings
「Although products for construction machinery were affected by U.S. tariff policies, shipments exceeded initial expectations, and the performance of each business remained solid.」
The disclosure specifically identifies U.S. tariff policies as a factor affecting products for construction machinery. - FY2026-H1WorsenedAnnual report
「The outlook for the economy remains uncertain, owing to factors including additional tariff measures by the United States and concerns that they could reignite inflation.」
Regarding trade friction risks, additional tariff measures by the United States and concerns about a resurgence of inflation are explicitly identified as factors making the economic outlook uncertain. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, the global economy entered a slowdown trend, led by slowing Chinese economic growth as U.S.-China trade friction became prolonged.」
The description has progressed from escalating U.S.-China trade friction and related concerns to slowing Chinese economic growth and a global slowdown trend associated with the prolonged friction. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, the global economy showed increasingly pronounced signs of slowing, led by a slowdown in China’s economic growth amid U.S.-China trade friction.」
The description of U.S.-China trade friction has become more specific, shifting from concerns about escalation to slowing Chinese economic growth and increasingly pronounced signs of a global economic slowdown. - FY2019WorsenedAnnual report
「As destabilizing factors increased, including escalating U.S.-China trade friction, turmoil such as the United Kingdom’s withdrawal from the EU and slowing growth in the Chinese economy, the market environment surrounding the Group remained generally firm in the automotive market, led by Asia and India. In the construction equipment market, growth in China and Asia appeared to be slowing for medium-sized excavators, while mini excavators and other construction equipment were expected to remain firm in 2019.」
In addition to escalating U.S.-China trade friction, the company cites turmoil such as the United Kingdom’s withdrawal from the EU and slowing growth in the Chinese economy, indicating that destabilizing factors in the external environment are broadening. - FY2019-Q3WorsenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, the global economy remained generally firm, although the outlook was uncertain due to escalating U.S.-China trade friction and political turmoil in Europe and the United States.」
The description of external risks has become more severe, shifting from conventional concerns about trade friction and its escalation to escalating U.S.-China trade friction and an increasingly uncertain outlook. - FY2019-Q1First statedAnnual report
「Although there are concerns about trade friction arising from the protectionist policies of the Trump administration in the United States, conditions remain firm.」
The company cites concerns about trade friction associated with the protectionist policies of the U.S. administration for the first time as an external risk to the global economy in the current quarter.