What companies say about the impact of MAGA policy

meanwhile Mettler-ToledoEarnings calls earlier this month, executives found themselves following a series of questions, customs duties, on one important topic.

The Ohio-based industrial scale and experimental equipment had already opened the call by breaking down the expected impacts from President Donald Trump’s still evolving trade policy. However, when the event moved to the Q&A section, inquiries from analysts seeking more details on potential tariffs remained constant.

“Uncertainty remains in many of our core markets and in our global economy,” Treasury Chief Shaun Vadara said in a call on February 7th. “Geopolitical tensions continue to rise, including the possibility of new tariffs that are not considered in the guidance.”

The Mettler-Toledo experience was not unique. America’s biggest companies have accepted questions about how or how Trump’s promised salvo is promised on issues ranging from international trade to immigration and diversity.

In CNBC analysis, multiple core themes tied to Trump’s policy are S&P 500– Listed in the company with an increasing number of clips. We will take “customer duties.” Just a few weeks after the New Year, the frequency of revenue call words and their frequency has reached its highest level since 2020. This is the last year of Trump’s first term.

In addition, new acronyms and phrases such as “American Bay” and “doge” will be a way to these meetings as the business community evaluates what Trump’s return to power means to them. I found it.

Strangely enough, Trump himself did not mention these calls. Many uses of the word “Trump” in transcripts reviewed by CNBC refer to verbs rather than presidents.

Still, the review of the Call Transcript shows how keywords tied to Trump’s policy quickly became commonplace. With the first revenue season of 2025 completed over 75%, comments give us an early glimpse into how these companies view the new administration.

One of the most talked about policy was Trump’s tariff plans. The president temporarily implemented a 25% tax on imports from Mexico and Canada into the United States, and subsequently postponed it. He also slapped China separately with 10% collection and imposed tariffs on aluminum and steel. He then discussed plans to impose retaliatory tariffs on other trading partners across countries on Thursday.

Tariffs are not a hot topic given the uncertainty. This topic came in over 190 calls held by S&P 500 companies in 2025, and is on track to get a better share in half of the decade.

It was frequently featured late last year when Trump returned to the White House. About half of calls that mentioned the 2024 word form came in the fourth quarter, according to a CNBC analysis of data from FactSet, a market research service.

“Studying customs was at the top of our list of what we’ve done,” he said. Marathon Oil CEO Maryann Mannen on Energy Company’s February 4th revenue call.

Some companies say they have not considered the potential impacts from these taxes in their guidance, citing uncertainty about what orders will actually be implemented. Others don’t know: Martin Marietta MaterialCFO James Nicholas said the supplier’s profits could benefit from or take a hit from tariffs, depending on which form will ultimately take effect.

meanwhile generac CEO Aaron Jagdfeld said he did not calculate how these import taxes would affect future performance. The generator maker said they are ready to reduce financial hits by cutting costs and increasing prices elsewhere. Camden Property Trust CEO Richard Campo said the company’s analysis suggested tariffs would boost the costs of materials for Canadian and Mexican materials, or cost like timber and electric boxes. These comments support the idea that Trump’s tariffs could raise consumer prices and fan inflation.

Zebra Technology CFO Nathan Winters said price increases will help reduce profit pressure. Automatic parts manufacturer BorgwarnerMeanwhile, we expect a year of decline in demand in certain markets. This is partly due to CFO Craig Aaron’s potential headwinds from these taxes.

CiscoR. Scott Herren agreed with other executives about the lack of clarity, describing the tariff situation last week as “dynamic” in a revenue call from a networking equipment manufacturer. Still, the CFO said the company plans to enable several variations of Trump’s tariff proposal, and expects costs to rise as a result.

“We’re planning some scenarios and procedures depending on what actually works,” he said.

Meanwhile, the topic of immigration has already gained the highest share since 2017.

During his time in office, Trump pledged a massive deportation of undocumented immigrants. Praise on immigration was a central element of Trump’s political message as he partially ran to “build a wall” between the US and Mexico for his first term. Critics argue that his plans could shock the labour market and lead to higher inflation.

CNBC data shows that immigration references tend to be etched into the first year of the new administration. But 2025 is beyond the first year of Joe Biden’s presidency and Barack Obama’s second term, highlighting Trump’s role in raising problems within American businesses.

Some companies grouped tariffs and immigration as drivers of broader unpredictability within the economy. Nicholas Pinchuk, CEO of Toolmaker Snap-onwho described the anecdote of strong demand for repair services from clients, but said it was still highlighted by the red flag in the background of the economy.

“It’s clear that technology is in a good position, but it doesn’t immunize the macro uncertainty around them: ongoing wars, immigration conflicts, prolonged inflation,” Pinchuk said. “The election is in the rear mirror and the new team may be more focused on expanding the business, but there is a rapid fire of new initiatives.

Companies from various sectors asked what changes in the composition of the US population meant. AT&T, Verizon and T-Mobile All questions about whether slowing immigration will hurt demand for certain phone plans. Michael Manelis, Apartment Manager Operations Chief Equity ResidentialHe said he has not seen an increase in lease breaks since tenants were deported.

Real estate developers in the Southern California market prologis CEO Hamid Mogadam said deportation could reduce the pool of workers and, as a result, raise employment costs in the region. That could exacerbate already anticipated pricing pressures if the Los Angeles community is restructured in the wake of last month’s wildfires.

Other companies argued that deportation would not create a labor shortage for businesses, as all workers are legally approved. One such company, chicken producer Tyson Foodssaid there were no factories visited by US immigrants and customs enforcement agencies or there had been no decline in workers attendance.

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

Topics that have gained new connections to Trump’s return to office are already beginning to emerge.

Doge – New Government Efficiency Acronyms led by: Tesla CEO Elon Musk – mentioned on more than 15 calls Friday morning. The division is wary of Wall Street as investors wonder whether contracts between public companies and federal agencies can help mask teams cut spending and get them on the chopping block.

Iron MountainThe mine, which keeps government retirement records, was breached as an example of inefficiency by musks during a visit to an oval office. But surprisingly, CEO Bill Meadey said that driving rationalization could actually benefit other parts of the business.

“We see this as an ongoing opportunity for the company as the government continues to drive us to be more efficient,” he said last week.

And executives Palantirthe defense technology company, which was a top performer within the S&P 500 last year, has equally hope. Technology Chief Shamsankhar described Palantia’s work with the government as “operationally” and “valuable,” and hopes Doge engineers will “be able to see it for change.”

“I think Doge will bring meritocracy and transparency to the government, and that’s exactly what our commercial business is,” Sankar said in a call on Feb. 3. “The commercial market is powerful and transparent and we can see the results we have in such an environment. That’s the basis of our optimism about this.”

He noted some concerns among other government software providers, calling those agreements “a sacred cow of deep state” during the call.

Elsewhere, the so-called American Gulf was a point of divergence after renaming Trump’s executive order, which renamed what was long known as the Gulf of Mexico. Chevron NOMIKER GULF of America used it repeatedly in its revenue release and in its appeal with analysts later last month. but Exxon Mobilwhich called the revenues on the same day, opting to instead call the waters the Gulf of Mexico.