New US tariffs cloud outlook for exporters in Asia and beyond
Trump has threatened tariffs of up to 200% on imports of pharmaceuticals and has ordered a 100% import tax on computer chips. Most U.S. imports of copper, steel and aluminum are subject to a 50% tariff.
There's still no agreement on what tariffs might apply to products shipped from China. India has no deal yet and faces a potential 50% tariff as Trump pressures it to stop buying oil from Russia.
Recent data shows uncertainty is clouding the outlook for exporters around the world as a rush to beat the tariffs during a pause for negotiation tapers off. Companies are reporting billions of dollars in higher costs or losses due to the higher import duties.
Global financial markets took Thursday's tariff adjustments in stride, with Asian shares and U.S. futures mostly higher.
Here's where things stand in what has proven to be a fast-changing policy landscape.
The tariffs taking effect this week
The tariffs announced on Aug. 1 apply to 66 countries, Taiwan and the Falkland Islands. They are a revised version of what Trump called " reciprocal tariffs," announced on April 2: import taxes of up to 50% on goods from countries that have a trade surplus with the United States, along with 10% 'baseline'' taxes on almost everyone else. That move triggered sell-offs in financial markets and Trump backtracked to allow time for trade talks.
The president has bypassed Congress, which has authority over taxes, by invoking a 1977 law to declare the trade deficit a national emergency. That's being challenged in court, but the revised tariffs still took effect.
To keep their access to the huge American market, major trading partners have struck deals with Trump. The United Kingdom agreed to 10% tariffs and the European Union, South Korea and Japan accepted U.S. tariffs of 15%. Those are much higher than the low single-digit rates they paid last year, but down from the 30% Trump had ordered for the EU and the 25% he ordered for Japan.
Countries in Africa and Asia are mostly facing lower rates than the ones Trump decreed in April. Thailand, Pakistan, South Korea, Vietnam, Indonesia and the Philippines cut deals with Trump, settling for rates of around 20%.
Indonesia views its 19% tariff deal as a leg up against exporters in other countries that will have to pay slightly more, said Fithra Faisal Hastiadi, a spokesperson in the Indonesian president's office.
'We were competing against Vietnam, India, Bangladesh, Sri Lanka and China ... and they are all subject to higher reciprocal tariffs,' Hastiadi said. 'We believe we will stay competitive.'
The latest situation for China and India
Trump has yet to announce whether he will extend an Aug. 12 deadline for reaching a trade agreement with China that would forestall earlier threats of tariffs of up to 245%.
Treasury Secretary Scott Bessent said the president is deciding about another 90-day delay to allow time to work out details of an agreement setting tariffs on most products at 50%, including extra import duties related to illicit trade in fentanyl.
Higher import taxes on small parcels from China have hurt smaller factories and layoffs have accelerated, leaving some 200 million workers reliant on 'flexible work' — the gig economy — for their livelihoods, the government estimates.
India also has no broad trade agreement with Trump. On Wednesday, Trump he signed an executive order placing an extra 25% tariff for its purchases of Russian oil, bringing combined U.S. tariffs to 50%.
India's Foreign Ministry has stood firm, saying it began importing oil from Russia because traditional supplies were diverted to Europe after the outbreak of the Ukraine conflict, a 'necessity compelled by the global market situation.'
The hardest-hit countries
Struggling, impoverished Laos and war-torn Myanmar and Syria face 40-41% rates.
Trump whacked Brazil with a 50% import tax largely because he's unhappy with its treatment of former Brazilian President Jair Bolsonaro.
South Africa said the steep 30% rate Trump has ordered on the exporter of precious gems and metals has put 30,000 jobs at risk and left the country scrambling to find new markets outside the United States.
Even wealthy Switzerland is under the gun. Swiss officials were visiting Washington this week to try to stave off a whopping 39% tariff on U.S. imports of its chocolate, watches and other products. The rate is over 2 1/2 times the 15% rate on European Union goods exported to the United States.
Canada and Mexico have their own arrangements
Goods that comply with the 2020 United States-Mexico-Canada Agreement that Trump negotiated during his first term are excluded from the tariffs.
Even though U.S. neighbor and ally Canada was hit by a 35% tariff after it defied Trump, a staunch supporter of Israeli Prime Minister Benjamin Netanyahu, by saying it would recognize a Palestinian state, nearly all of its exports to the U.S. remain duty free.
Canada's central bank says 100% of energy exports and 95% of other exports are compliant with the agreement since regional rules mean Canadian and Mexico companies can claim preferential treatment.
The slice of Mexican exports not covered by the USMCA is subject to a 25% tariff, down from an earlier rate of 30%, during a 90-day negotiating period that began last week.
The outlook for businesses
Surveys of factory managers offer monthly insights into export orders, hiring and other indicators of how businesses are faring. The latest figures in the United States and globally mostly showed conditions deteriorating.
In Japan, factory output contracted in July, purchasing activity fell and hiring slowed, according to the S&P Global Manufacturing PMI. But the data were collected before Trump announced a trade deal that cut tariffs on Japanese exports to 15% from 25%.
Similar surveys show a deterioration in manufacturing conditions worldwide, as a boost from 'front loading' export orders to beat higher tariffs faded, S&P Global said. Similar measures for service industries have remained stronger, reflecting more domestic business activity. In Asia, that includes a rebound in tourism across the region.
Corporate bottom lines are also taking a hit. Honda Motor said Wednesday that it estimates the cost from higher tariffs at about $3 billion.
On top that, the U.S. economy — Trump's trump card as the world's biggest market — is starting to show pain from months of tariff threats.
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Such information includes, but is not limited to, statements related to the Company's anticipated results and its outlook for its 2024 revenue, Adjusted EBITDA and Adjusted diluted earnings per share. Words such as 'expect', 'anticipate', 'intend', 'may', 'will', 'estimate' and variations of such words and similar expressions are intended to identify such forward-looking information. This information reflects the Company's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. 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Selected Consolidated Financial Information In thousands of Canadian dollars, except share and per share amounts Three months ended Six months ended June 30 June 30 2025 2024 2025 2024 Revenue 199,109 184,806 345,072 312,844 Cost of sales 118,295 119,778 209,038 205,031 Gross profit 80,814 65,028 136,034 107,813 Gross profit margin 40.6 % 35.2 % 39.4 % 34.5 % Selling, general and administrative expenses 55,346 43,867 104,933 83,425 Share-based compensation 2,078 1,744 4,165 3,493 Earnings from operations 23,390 19,417 26,936 20,895 Operating margin 11.7 % 10.5 % 7.8 % 6.7 % Foreign exchange gain (1,749 ) (180 ) (1,245 ) (951 ) Interest expense and other financing costs 4,771 4,647 9,679 9,520 Accretion on preferred shares 1,155 2,121 3,427 4,340 Earnings before income taxes 19,213 12,829 15,075 7,986 Provision for income taxes 5,385 4,516 3,761 3,392 Net earnings 13,828 8,313 11,314 4,594 Net earnings attributable to: Shareholders 13,071 8,653 10,625 4,540 Non-controlling interests 757 (340 ) 689 54 13,828 8,313 11,314 4,594 Adjusted net earnings 17,267 14,654 23,215 18,569 EBITDA 30,118 24,358 37,915 31,507 Adjusted EBITDA 35,100 31,555 54,166 47,652 Adjusted EBITDA margin 17.6 % 17.1 % 15.7 % 15.2 % Weighted average number of shares Basic 41,712,207 41,456,594 41,845,278 41,468,227 Diluted 43,065,916 42,472,623 43,104,101 42,304,411 Earnings per share attributable to common shareholders: Basic, earnings per share 0.31 0.20 0.25 0.11 Diluted, earnings per share 0.30 0.20 0.25 0.11 Adjusted diluted, earnings per share 0.40 0.35 0.54 0.44 Article content Jamieson Wellness Inc. Consolidated Statements of Financial Position In thousands of Canadian dollars June 30, 2025 December 31, 2024 Assets Current assets Cash 50,537 44,787 Accounts receivable 165,085 228,031 Inventories 191,939 154,658 Derivatives 1,238 2,661 Prepaid expenses and other current assets 6,167 6,803 Income taxes recoverable 5,272 – 420,238 436,940 Non-current assets Property, plant and equipment 101,302 103,591 Goodwill 279,433 287,503 Intangible assets 364,747 377,214 Deferred income tax 4,265 3,545 Total assets 1,169,985 1,208,793 Liabilities Current liabilities Accounts payable and accrued liabilities 139,102 137,653 Income taxes payable 1,345 4,373 Derivatives 4,767 2,982 Current portion of other long-term liabilities 17,790 27,673 163,004 172,681 Long-term liabilities Long-term debt 417,652 308,285 Post-retirement benefits 1,268 1,209 Deferred income tax 63,594 64,467 Redeemable preferred shares – 98,138 Other long-term liabilities 13,409 15,633 Total liabilities 658,927 660,413 Equity Share capital 328,879 326,219 Warrants 14,705 14,705 Contributed surplus 25,014 23,835 Retained earnings 82,436 99,109 Accumulated other comprehensive income 17,336 41,313 Total shareholders' equity 468,370 505,181 Non-controlling interests 42,688 43,199 Total equity 511,058 548,380 Total liabilities and equity 1,169,985 1,208,793 Article content Non-IFRS and Other Financial Measures Article content This press release makes reference to certain financial measures, including non-IFRS financial measures that are historical, non-IFRS measures that are forward-looking, non-GAAP ratios and supplementary financial measures. Management uses these financial measures for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of ongoing operations and in analyzing the Company's business performance and trends. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. The Company uses the following non-IFRS financial measures: 'EBITDA', 'Adjusted EBITDA' and 'Adjusted net earnings', the most directly comparable financial measure for each that is disclosed in its financial statements being net earnings, 'normalized gross profit', 'normalized SG&A', 'normalized earnings from operations', 'cash from operating activities before working capital considerations' and 'net debt', the most directly comparable financial measures for each that is disclosed in its financial statements being gross profit, SG&A, earnings from operations, cash flows from operating activities, and long-term debt, respectively, the following non-IFRS ratios: 'Adjusted EBITDA margin', 'Adjusted diluted earnings per share', 'normalized gross profit margin', 'normalized operating margin', and the following supplementary financial measures: 'gross profit margin' and 'operating margin' to provide supplemental measures of the Company's operating performance and thus highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses non-IFRS and supplementary financial measures in order to prepare annual operating budgets and to determine components of management compensation. For an explanation of the composition of each such measure and the usefulness and additional uses of each by management, see the 'How we Assess the Performance of our Business' section of the MD&A, which is incorporated by reference. See below for a quantitative reconciliation of each non-IFRS financial measure to its most directly comparable financial measure disclosed in the Company's financial statements to which the measure relates. Article content The following tables provide a quantitative reconciliation of net earnings to EBITDA, Adjusted EBITDA, and Adjusted net earnings, as well as gross profit to normalized gross profit, SG&A to normalized SG&A, earnings from operations to normalized earnings from operations and net debt, each of which are non-IFRS financial measures (see the 'Non-IFRS and Other Financial Measures' of this press release for further information on each non-IFRS financial measure) for the three and six months ended June 30, 2025. Article content Jamieson Wellness Inc. 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347 10.1 % Labour relations costs (1) – 1,695 (1,695 ) (100.0 %) Legal and other (6) 857 – 857 100.0 % Normalized earnings from operations 27,059 22,911 4,148 18.1 % Operating margin 12.6 % 11.1 % – 1.5 % Normalized operating margin 15.3 % 14.7 % – 0.6 % Adjusted EBITDA 33,455 28,691 4,764 16.6 % Adjusted EBITDA margin 18.9 % 18.4 % – 0.5 % Strategic Partners Three months ended June 30 2025 2024 $ Change % Change Revenue 21,792 29,019 (7,227 ) (24.9 %) Gross profit 2,563 3,744 (1,181 ) (31.5 %) Gross profit margin 11.8 % 12.9 % – (1.1 %) Selling, general and administrative expenses 1,579 1,605 (26 ) (1.6 %) Earnings from operations 984 2,139 (1,155 ) (54.0 %) Operating margin 4.5 % 7.4 % – (2.9 %) Adjusted EBITDA 1,645 2,864 (1,219 ) (42.6 %) Adjusted EBITDA margin 7.5 % 9.9 % – (2.4 %) Jamieson Brands Six months ended June 30 2025 2024 $ Change % Change Revenue 308,698 271,135 37,563 13.9 % Gross profit 132,041 102,414 29,627 28.9 % Labour relations costs (1) – 4,667 (4,667 ) (100.0 %) IT system implementation (4) 1,023 – 1,023 100.0 % Acquisition and divestiture related costs (2) – 165 (165 ) (100.0 %) Normalized gross profit 133,064 107,246 25,818 24.1 % Gross profit margin 42.8 % 37.8 % – 5.0 % Normalized gross profit margin 43.1 % 39.6 % – 3.5 % Share-based compensation (3) 4,165 3,493 672 19.2 % Selling, general and administrative expenses 101,807 80,323 21,484 26.7 % Acquisition and divestiture related costs (2) – (324 ) 324 100.0 % IT system implementation (4) (8,082 ) (6,429 ) (1,653 ) (25.7 %) Labour relations costs (1) – (1,721 ) 1,721 100.0 % Donations (5) (3,118 ) – (3,118 ) (100.0 %) Legal and other (6) (882 ) (297 ) (585 ) (197.0 %) Normalized selling, general and administrative expenses 89,725 71,552 18,173 25.4 % Earnings from operations 26,069 18,598 7,471 40.2 % Acquisition and divestiture related costs (2) – 489 (489 ) (100.0 %) IT system implementation (4) 9,105 6,429 2,676 41.6 % Labour relations costs (1) – 6,388 (6,388 ) (100.0 %) Donations (5) 3,118 – 3,118 100.0 % Legal and other (6) 882 297 585 197.0 % Normalized earnings from operations 39,174 32,201 6,973 21.7 % Operating margin 8.4 % 6.9 % – 1.5 % Normalized operating margin 12.7 % 11.9 % – 0.8 % Adjusted EBITDA 51,728 43,815 7,913 18.1 % Adjusted EBITDA margin 16.8 % 16.2 % – 0.6 % Strategic Partners Six months ended June 30 2025 2024 $ Change % Change Revenue 36,374 41,709 (5,335 ) (12.8 %) Gross profit 3,993 5,399 (1,406 ) (26.0 %) IT system implementation (4) 226 – 226 100.0 % Normalized gross profit 4,219 5,399 (1,180 ) (21.9 %) Gross profit margin 11.0 % 12.9 % – (1.9 %) Normalized gross profit margin 11.6 % 12.9 % – (1.3 %) Selling, general and administrative expenses 3,126 3,102 24 0.8 % Earnings from operations 867 2,297 (1,430 ) (62.3 %) IT system implementation (4) 226 – 226 100.0 % Normalized earnings from operations 1,093 2,297 (1,204 ) (52.4 %) Operating margin 2.4 % 5.5 % – (3.1 %) Normalized operating margin 3.0 % 5.5 % – (2.5 %) Adjusted EBITDA 2,438 3,837 (1,399 ) (36.5 %) Adjusted EBITDA margin 6.7 % 9.2 % – (2.5 %) Article content Reconciliation of Non-IFRS Financial Measures In thousands of Canadian dollars Three months ended Six months ended June 30 June 30 2025 2024 2025 2024 Net earnings: 13,828 8,313 11,314 4,594 Add: Recovery of income taxes 5,385 4,516 3,761 3,392 Interest expense and other financing costs 4,771 4,647 9,679 9,520 Accretion on preferred shares 1,155 2,121 3,427 4,340 Depreciation of property, plant, and equipment 3,474 3,236 6,729 6,752 Amortization of intangible assets 1,505 1,525 3,005 2,909 Earnings before interest, taxes, depreciation, and amortization (EBITDA) 30,118 24,358 37,915 31,507 Share-based compensation (3) 2,078 1,744 4,165 3,493 Foreign exchange gain (1,749 ) (180 ) (1,245 ) (951 ) Labour relations costs (1) – 1,695 – 6,388 IT system implementation (4) 3,796 3,449 9,331 6,429 Acquisition and divestiture related costs (2) – 489 – – Donations (5) – – 3,118 – Legal and other (6) 857 – 882 297 Adjusted EBITDA 35,100 31,555 54,166 47,652 Recovery of income taxes (5,385 ) (4,516 ) (3,761 ) (3,392 ) Interest expense and other financing costs (4,771 ) (4,647 ) (9,679 ) (9,520 ) Depreciation of property, plant, and equipment (3,474 ) (3,236 ) (6,729 ) (6,752 ) Amortization of intangible assets (1,505 ) (1,525 ) (3,005 ) (2,909 ) Share-based compensation (3) (1,956 ) (1,622 ) (3,921 ) (3,249 ) Tax deduction from vesting of certain share-based awards (19 ) – (708 ) – Tax effect of normalization adjustments (723 ) (1,355 ) (3,148 ) (3,261 ) Adjusted net earnings 17,267 14,654 23,215 18,569 Three months ended Six months ended June 30 June 30 2025 2024 2025 2024 Gross profit 80,814 65,028 136,034 107,813 Labour relations costs (1) – 1,414 – 4,667 Acquisition and divestiture related costs (2) – 165 – 165 IT system implementation (4) – – 1,249 165 Normalized gross profit 80,814 66,607 137,283 112,645 Normalized gross profit margin 40.6 % 36.0 % 39.8 % 36.0 % Selling, general and administrative expenses 55,346 43,867 104,933 83,425 Acquisition and divestiture related costs (2) – (324 ) – (324 ) IT system implementation (4) (3,796 ) (3,449 ) (8,082 ) (6,429 ) Labour relations costs (1) – (281 ) – (1,721 ) Donations (5) – – (3,118 ) – Legal and other (6) (857 ) – (882 ) (297 ) Normalized selling, general and administrative expenses 50,693 39,813 92,851 74,654 Earnings from operations 23,390 19,417 26,936 20,895 Acquisition and divestiture related costs (2) – 489 – 489 IT system implementation (4) 3,796 3,449 9,331 6,429 Donations (5) – – 3,118 – Labour relations costs (1) – 1,695 – 6,388 Legal and other (6) 857 – 882 297 Normalized earnings from operations 28,043 25,050 40,267 34,498 Normalized operating margin 14.1 % 13.6 % 11.7 % 11.0 % Article content (1) These expenses are mainly comprised of third-party legal, security fees, unavoidable facility expenditures, customer fines and penalties, along with freight charges to expedite shipments to customers as it relates to a labour disruption in Q1 2024. (2) Prior year expenses mainly pertain to legal, consulting and integration costs associated with the acquisition and integration of our former distributor partner in China on April 28, 2023. (3) The Company's share-based compensation expense pertains to our long-term incentive plan (the 'LTIP') (refer to ' Share-based compensation'), with stock options, performance-based share units ('PSUs'), time-based restricted share units ('RSUs'), and deferred share units ('DSUs') expenses, along with associated payroll taxes. (4) Mainly pertains to development costs associated with our IT system implementation to augment our system infrastructure. Unlike other system improvement projects with costs capitalized, due to its cloud-based nature, these system implementation costs are expensed accordingly. (5) Include cash and in-kind donations to support communities adjacent to our Irvine, California facility impacted by the wildfires. Article content Article content Article content Article content Article content Contacts Article content Investor and Media Contact Information: Article content Jamieson Wellness Article content Article content Ruth Winker Article content Article content Article content
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Alaska Air Amends Term Loan Agreement
Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Alaska Air ( (ALK)) just unveiled an update. On August 6, 2025, Alaska Air Group, Inc. amended its Term Loan Credit and Guaranty Agreement, initially dated October 15, 2024, to reprice loans under its Loyalty Term Loan Facility. This amendment, involving AS Mileage Plan IP, Ltd. and Bank of America, N.A., adjusts interest rates to a variable rate tied to Term SOFR with specific margins, potentially impacting the company's financial strategy and stakeholder interests. The most recent analyst rating on (ALK) stock is a Buy with a $70.00 price target. To see the full list of analyst forecasts on Alaska Air stock, see the ALK Stock Forecast page. Spark's Take on ALK Stock According to Spark, TipRanks' AI Analyst, ALK is a Neutral. Alaska Air's financial recovery and strategic expansion drive a positive outlook, despite challenges with leverage and cash flow. Technical indicators and valuation suggest moderate upside potential, while earnings call and corporate events reinforce growth prospects. Attention to cost management and leverage is essential for continued success. To see Spark's full report on ALK stock, click here. More about Alaska Air Alaska Air Group, Inc. operates in the airline industry, providing air transportation services primarily through its subsidiaries, Alaska Airlines, Inc. and AS Mileage Plan Holdings Ltd. The company focuses on offering passenger and cargo services, with a significant emphasis on its loyalty program to enhance customer retention and engagement. Average Trading Volume: 2,812,119 Technical Sentiment Signal: Buy Current Market Cap: $6.13B Learn more about ALK stock on TipRanks' Stock Analysis page.
