What companies say about the impact of magician policies

During Toledo MettlerThe gain call earlier this month, executives found themselves presenting a flood of questions on a key topic: rates.

The manufacturer of industrial scales and laboratory equipment based in Ohio had already opened the call by deactivating the president’s expected impact Donald Trump’s Commercial policy still evolution. But when the event went to the portion of questions and answers, the consultations of the analysts who were looking for more details about possible rates were constant.

“Uncertainty remains in many of our main markets and the global economy,” said Finance Chief Shawn Vadala in the February 7 call. “Geopolitical tensions remain high and include the potential of new tariffs that we have not taken into account.”

Mettler-Toledo’s experience was not unique. The largest companies in the United States are flooding with consultations on how or if Trump’s promises rescue on issues ranging from international trade to immigration and diversity will alter companies.

A CNBC analysis shows multiple central themes linked to Trump policies that are appearing in the gain calls of S&P 500-Constructed companies to a growing clip. Take “Tarifa”. Just a few weeks after the New Year, the frequency of the word and its variations in the gain calls reach its highest level since 2020, the last full year of Trump’s first mandate.

In addition to that, the new acronyms and phrases, such as the “Gulf de América” ​​or “Dux”, have found their way to these meetings as the business community evaluates what Trump’s return to power means for them.

Interestingly, Trump himself was not accumulating mentions in these calls. Many uses of the word “Trump” in transcripts reviewed by CNBC referred to the verb, instead of the president.

Even so, a review of call transcripts shows how keywords linked to Trump policies have quickly become a common place. With the first profit season of 2025 more than 75% complete, the comments offer an early vision of how these companies see the new administration.

One of the most commented policies has been Trump’s rates plans. The president briefly implemented – and then postponed – 25% taxes on imports to the United States from Mexico and Canada. Also slapped separately with a tax of 10% and Aluminum and steel rates imposed. Then, on Thursday, he discussed a plan to impose retaliation rates on other commercial partners over a country per country.

Given uncertainty, it is not surprising that tariffs are a hot topic. The issue has emerged in more than 190 calls made by S&P 500 companies in 2025, which puts it on the way to see the greatest participation in the middle of a decade.

The frequency collected at the end of last year when Trump’s return to the White House became evident. Around half of the calls in 2024 that mentioned the forms of the word took place in the fourth quarter, according to a CNBC analysis of factset data, a market research service.

“Studying rates has been at the top of the list of things we have been doing,” he said Marathon oil CEO Maryann Mannen about the profit call of February 4 of the Energy Company.

Several companies said they were not taking into account the potential impacts of these taxes on their orientation, citing uncertainty about what orders will really enter into their place. Others are simply sure: A Martin Marietta materialsFinancial director James Nickolas said the supplier’s profits could benefit or receive a blow from the tariffs depending on what way will finally enter into force.

While Genac He did not calculate how these import taxes could affect future performance, CEO Aaron Jagdfeld said the generator manufacturer is ready to mitigate the financial coup reducing costs in other places and raising their prices. Camden Property Trust The CEO Richard Campo said that an analysis of the company shows that the proposed tariffs would increase the costs of the materials of Canada and Mexico such as wood and electric boxes. These comments offer support to the idea that Trump tariffs can increase consumer prices and fans inflation.

Cebra Technologies Financial director Nathan Winters said price increases could help mitigate profits. Car creator BorgwarnerMeanwhile, he anticipates another year of decreased demand in certain markets, which CFO Craig Aaron partly attributed to the potential winds against these taxes.

CiscoR. Scott Herren agreed with other executives on the lack of clarity, describing the tariff situation as “dynamic” in the gain call of the manufacturer of network equipment last week. Even so, the CFO said the company has planned a variation of Trump’s tariff proposals to enter into force and expects the costs to increase as a result.

“We have planned several scenarios and steps that we could take depending on what really enters into force,” he said.

Trump has promised mass deportations of undocumented immigrants during their second term in office. Taking energetic measures against immigration has been a central component of Trump’s political messages since it was partially running “Build the wall” Between the United States and Mexico for its first mandate. Critics claim that their plans Labor market shock and could lead to greater inflation.

Immigration mentions tend to work during the first year of a new administration, according to CNBC data. But 2025 has exceeded the first years of the presidency of Joe Biden and the second mandate of Barack Obama, underlining Trump’s role in the elevation of the problem within US companies.

Some companies grouped immigration with tariffs such as broader unpredictability promoters within the economy. Nicholas Pinchuk, CEO of Toolmaker CurlyThey described anecdotes of strong demand for repair services of their customers, but said they were still stressed by the red flags in the economic context.

“It is clear that the technicians are in a good position. But that does not make them immune to the macro uncertainty around them: ongoing wars, immigration disputes, persistent inflation,” said Pinchuk. “Although the choice is in the rear mirror and the new team can be more focused on commercial expansion, there is a rapid fire of new initiatives … it is difficult not to be insecure than what happens.”

Companies in a variety of sectors take questions about what changes in the composition of the population of the United States would mean. AT&T, Verizon and T-Mobile All questions about whether immigration deceleration would harm the demand for certain telephone plans. Michael Manelis, Head of Operations of the Apartment Manager Equity ResidentialHe said in response to immigration related that has not seen any increase in the breaks of the tenants who are sporting.

In the market in southern California, real estate developer Prologue CEO Hamid Moghadam said deportations can decrease the group of workers and, in turn, increase employment costs in the region. That can exacerbate the price pressures already expected as the reconstructions of the Los Angeles community following last month forest fires.

Other companies insisted that deportations would not create labor shortage for their operations because all its workers are legally authorized. One of those companies, chicken producer Tyson FoodsHe said he has not had factories visited by the United States immigration and customs application or has seen any decrease in workers’ assistance.

“We are sure that we can continue to successfully manage our business,” said CEO Donnie King on February 3.

Doge: The acronym for the new government efficiency department directed by Tesla CEO ELON ALMIZCLE – It has been mentioned in more than 15 calls, starting Friday morning. This department has put Wall Street on alert while investors wonder if contracts between public companies and federal agencies could be in the cutting block with the Musk team cutting the expense.

Iron mountainThe mine that stores government retirement records was torn as an example of inefficiency by Musk during a visit to the oval office. But surprisingly, CEO Bill Meaney said the impulse for rationalization can Really benefit other parts of your business.

“As the government continues to drive to be more efficient, we see this as a continuous opportunity for the company,” he said last week.

Executives in Palantirthe defensive technology company that was a Best Interpreter Within the S&P 500 last year, they are equally hopeful. The chief of technology, Shyam Sankar, described Palantir’s work with the government as “operational” and “valuable”, and expects Doge engineers to “see that for a change.”

“I think Dege will bring meritocracy and transparency to the government, and that is exactly what our commercial business is,” Sankar said during the February 3 call. “The commercial market is meritocratic and transparent, and you see the results we have in that type of environment. And that is the basis of our optimism around this.”

He observed some concerns among other government software suppliers, and called those agreements “sacred cows of the deep state” during the call.

In other places, the so -called Gulf of America has been a divergence point after Trump’s executive order renowned what is known for a long time as the Gulf of Mexico. Chevron used the nickname of the Gulf of America repeatedly in its release and call with analysts at the end of last month. But Exxon MobilThat he kept his earning call on the same day, he chose to refer to the body of water such as the Gulf of Mexico.