In the wake of President Trump’s return to office, businesses are navigating a sea of policy-induced uncertainties, as revealed through recent earnings calls.
The return of President Donald Trump to the Oval Office in 2025 has brought a resurgence in policy discussions that distinctly impact various industries. A CNBC analysis of earnings call transcripts from S&P 500-listed companies indicates a notable increase in discussions regarding tariffs and immigration policies, two areas Trump has prioritized. As companies brace for potential changes, words like “tariff” appear more frequently, reflecting concerns about new economic conditions.
Mettler-Toledo, an Ohio-based manufacturer, has encountered persistent inquiries about potential tariffs. Diverging from past practices, they now face questions about geopolitical tensions and the prospect of new tariffs that could reshape their financial outlook. Reflecting broader industry sentiments, Finance Chief Shawn Vadala emphasized the ongoing uncertainty in core markets and the broader global economy.
In particular, tariffs have emerged as a contentious topic, appearing in over 190 calls in 2025 alone, as businesses assess Trump’s varied trade policies. From proposed 25% levies on imports from Mexico and Canada to 10% taxes on Chinese goods, companies are strategizing to mitigate any adverse financial impacts. Marathon Petroleum CEO Maryann Mannen noted their focus on understanding tariffs, highlighting the potential for increased consumer prices in tandem with the risk of inflation.
Various sectors have expressed concerns about future trade costs. For instance, Generac’s CEO Aaron Jagdfeld mentioned their approach to addressing these challenges through cost reduction and price adjustments, while Camden Property Trust’s Richard Campo noted how proposed tariffs might raise costs for materials sourced from Canada and Mexico. Meanwhile, BorgWarner and Zebra Technologies also reveal strategies to adjust to these changes, either by raising prices or preparing for market fluctuations caused by tariffs.
On the immigration front, the discourse has reached significant levels, outranking mentions from previous presidential terms, including Biden’s and Obama’s. The proposed mass deportations have created a sense of unpredictability, with potential repercussions for labor markets. Snap-On CEO Nicholas Pinchuk identified the broader economic uncertainties, linking them to Trump’s ongoing initiatives. Simultaneously, concerns surfaced among telecom companies like AT&T and T-Mobile, which anticipate demand shifts due to potential immigration slowdowns.
Real estate developers in Southern California, like Prologis, are wary of labor supply changes, fearing increased employment costs as deportations might reduce the workforce. In contrast, Tyson Foods has expressed confidence in their workforce’s stability, insisting that their labor force is secure from immigration-related disruptions, suggesting varied impacts across different industries.
Emerging themes have also surfaced, such as the newly proposed Department of Government Efficiency (DOGE), led by Elon Musk. This initiative has captured Wall Street’s interest, with companies like Iron Mountain contemplating potential benefits from government efforts to streamline operations. Similarly, technology firms like Palantir express optimism about DOGE’s push for transparency and meritocracy, seeing alignment with their commercial principles.
The Trump administration’s policies have also led to linguistic shifts, notably with the executive order renaming the Gulf of Mexico as the Gulf of America. Companies like Chevron have adopted this new terminology, while others like Exxon Mobil retain traditional names, illustrating how political changes influence business language and strategies.
As the business community adapts to President Trump’s evolving policies, the focus remains on navigating challenges posed by tariffs, immigration, and other emerging government initiatives. Companies are actively strategizing to mitigate risks and leverage potential opportunities presented by these changes.