{"id":108476,"date":"2025-02-21T14:08:44","date_gmt":"2025-02-21T19:08:44","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/corporate-americas-trump-related-concerns-are-tucked-into-annual-reports\/"},"modified":"2025-02-24T13:17:45","modified_gmt":"2025-02-24T18:17:45","slug":"corporate-americas-trump-related-concerns-are-tucked-into-annual-reports","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/corporate-americas-trump-related-concerns-are-tucked-into-annual-reports\/","title":{"rendered":"Corporate America\u2019s Trump-related concerns are tucked into annual reports"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09bec9c1cef'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Corporate America\u2019s Trump-related concerns are tucked into annual reports<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"799\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-02-21-at-10.54.40%E2%80%AFAM.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"Office buildings\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09bec9cd571'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">February 21, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg News<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09bec9d13c4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article was written by John Tozzi\u00a0and\u00a0Clara Hudson. It appeared first on the Bloomberg Terminal.<\/em><\/p>\n<p>Companies are telling their investors how President\u00a0Donald Trump\u2019s plan to radically remake the US government poses new risks to their businesses.<\/p>\n<p>In recent weeks,\u00a0Chipotle Mexican Grill Inc.\u00a0warned about potential tariffs on avocados and limes.\u00a0Johnson &amp; Johnson\u00a0sees a risk that Food and Drug Administration cuts will slow down medicine approvals. And\u00a0American Airlines Group Inc.\u00a0alerted shareholders to possible additional charges for aircraft and parts from outside the US.<\/p>\n<p>Many of these disclosures are being tucked quietly into already lengthy \u201crisk factor\u201d language in annual regulatory filings, at odds with the upbeat tone some executives take publicly when describing their work with the White House.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09bec9d3056'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_1811532192080094480\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09bec9d8316'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>CVS Health Corp.\u00a0Chief Executive Officer\u00a0David Joyner\u00a0told analysts on a Feb. 12\u00a0conference call\u00a0that he was \u201cencouraged by the constructive dialogue with the new administration\u201d about payment rates in private Medicare health plans, a crucial issue for the company.<\/p>\n<p>Yet the same day, CVS filed its annual report to shareholders with a new paragraph about \u201cuncertainty\u201d around changing health-care rules. The company warned that \u201cefforts to reform federal government processes and reduce expenditures\u201d could limit funding for government programs \u201cupon which our business depends.\u201d<\/p>\n<p>Confidence among businesses and consumers rose after Trump\u2019s election win on optimism around deregulation, tax cuts and the broader economic outlook. But sentiment is now souring \u2014 and\u00a0<a class=\"media-ui-Link_link-tVkXhPLPofs-\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-02-11\/us-small-business-optimism-retreats-from-highest-since-2018\" target=\"_blank\" rel=\"noopener\" data-component=\"link\">uncertainty is climbing<\/a>\u00a0\u2014 as the administration prioritizes\u00a0<a class=\"media-ui-Link_link-tVkXhPLPofs-\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-02-18\/trump-says-likely-to-impose-25-tariffs-on-autos-drugs-chips\" target=\"_blank\" rel=\"noopener\" data-component=\"link\">enacting tariffs<\/a> instead.<\/p>\n<p>That\u2019s set to raise costs for <a class=\"media-ui-Link_link-tVkXhPLPofs-\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-02-18\/us-homebuilder-sentiment-drops-to-five-month-low-on-tariff-costs\" target=\"_blank\" rel=\"noopener\" data-component=\"link\">homebuilders<\/a>,\u00a0<a class=\"media-ui-Link_link-tVkXhPLPofs-\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-02-18\/us-factory-costs-jump-most-in-two-years-in-new-york-fed-survey\" target=\"_blank\" rel=\"noopener\" data-component=\"link\">manufacturers<\/a>,\u00a0<a class=\"media-ui-Link_link-tVkXhPLPofs-\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-02-07\/us-consumer-sentiment-drops-to-seven-month-low-on-price-worries\" target=\"_blank\" rel=\"noopener\" data-component=\"link\">households<\/a>\u00a0and more at a time when inflation is barely cooling.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"739\" height=\"464\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-02-21-at-10.49.45%E2%80%AFAM.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Tariff mentions\" title=\"Tariff mentions\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-02-21-at-10.49.45%E2%80%AFAM.png 739w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-02-21-at-10.49.45%E2%80%AFAM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2025-02-21-at-10.49.45%E2%80%AFAM.png 172w\" sizes=\"auto, (max-width: 739px) 100vw, 739px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Trump, along with billionaire\u00a0Elon Musk, is moving rapidly to shrink the federal workforce, raise barriers to trade and immigration, and expand the White House\u2019s control of government agencies. Those moves have left companies racing to figure out where they might be exposed to policy changes or potential tariff hikes, and how they should communicate that to investors.<\/p>\n<p>\u201cAs far as what\u2019s material and what\u2019s not, it\u2019s a gray zone,\u201d said\u00a0Yaron Nili, a corporate law professor at Duke University School of Law. \u201cEspecially this early in the administration, it\u2019s not clear that companies have formed a full understanding of how things are going to impact them.\u201d<\/p>\n<p>The annual reports that companies are required to file with the Securities and Exchange Commission routinely include a host of bad things that could happen such as cyberattacks, natural disasters or regulatory shifts. Changes in what companies choose to disclose reveal how they\u2019re strategizing for political and global risks.<\/p>\n<p>The disclosures add to confusion for investors trying to gauge the impact of Trump\u2019s policies. Companies including\u00a0General Motors Co.\u00a0and\u00a0Walmart Inc.\u00a0have issued earnings guidance that doesn\u2019t account for the impact of looming tariffs.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a09bec9dc325]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-6a09bec9dc325'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>Related Content<\/h3>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4 bbg-column--halign-right\"\n    style=\"\"\n    >\n    \n<div\n  id=\"cta_5644596232192966163\"\n  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<\/p>\n","protected":false},"author":1935,"featured_media":108486,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"453","footnotes":""},"categories":[453],"tags":[451,454],"series":[],"class_list":["post-108476","post","type-post","status-publish","format-standard","hentry","category-markets","tag-corporations","tag-equities","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Corporate America\u2019s Trump-related concerns are tucked into annual reports | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Companies inform investors of possible business risks from Trump&#039;s government changes, tucking warnings into extensive &quot;risk factor&quot; sections of filings, contrasting with their publicly positive outlook.\" \/>\n<meta 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