The Trump administration’s rapidly evolving tariff policy — which kicked off on 1 February with the announcement of 25% tariffs on Canadian and Mexican imports (since postponed), a 10% tariff on Chinese imports, and more recently a proposed 25% tariff on EU goods — has led a number of issuers to comment and release guidance on the potential impact of tariffs in recent weeks. Read 9fin analysis on EU company tariff exposure here.

With earnings currently in full swing as companies release calendar year 2024 results, we reviewed commentary from 173 earnings calls by high-yield issuers through 21 February to draw out key themes regarding market participants’ response to tariffs.

As part of our ongoing project to track the implications of the new administration’s economic policy on sub-investment-grade debt issuers, we will periodically update this table, which paraphrases what management teams have said about tariffs and classifies how each company may be affected.