Smith+Nephew expands market-leading fixation strength of Q-FIX™ All-Suture Anchor portfolio with new knotless option
Building on the long-standing success and performance of the best-in-class anchor fixation strength of the Q-FIX Family versus competitive devices*, the new Q-FIX KNOTLESS All-Suture Anchor raises the bar for all-suture anchor technology. With proprietary features and capabilities, the Q-FIX KNOTLESS All-Suture Anchor aims to set a new benchmark for fixation strength and offer surgeons a reason to reassess their joint repair approach, including:
Market-leading strength in all-suture anchor fixation* 1-5 and ultra-low displacement** 1,6-10
Consistent deployment 4,11,12
Best-in-class soft tissue security with our suture lock mechanism** 5
Streamlined suture shuttling 5
Market-leading biomechanical performance, † 1-4,6,7 with the lowest displacement during cyclic loading ‡1,3,6,7
The Q-FIX KNOTLESS All-Sutures Anchor offers a versatile range of suture options that include both single-loaded MINITAPE ◊ Suture Tape - which has a low profile and coreless design to offer a lower and more evenly distributed level of pressure 13,14 or ULTRABRAID ◊ #2 Suture that is 20% stronger than its nearest competitor. ‡‡, 15
"When I think of the Q-FIX family I think of reliability,' commented Dr. Robert Litchfield, Orthopedic Surgeon, Sports Medicine Ontario, Canada. 'We know that when we put a Q-FIX Anchor in, that we can count on it - the deployment is always predictable and the pullouts are impressive. In my experience, these anchors just don't fail when we put load on them."
For more information about the Q-FIX KNOTLESS All-Suture Anchor for shoulder repair, please visit here.
For more information about the Q-FIX KNOTLESS All-Suture Anchor for hip repair, please visit here.
- ends –
Media Enquiries
Dave Snyder +1 (978) 749-1440
Smith+Nephew david.snyder@smith-nephew.com
Footnotes
*As compared to competitive devices in fixation/pull-out benchtop testing.
**As compared to the competitive device in cyclic benchtop testing.
†As compared to competitive all-suture anchors in cyclic and fixation/pull-out benchtop testing.
‡As demonstrated in benchtop testing; compared to competitive devices.
‡‡ As compared to competitive devices.
References
1. Douglass NP, et al. Arthroscopy. 2017;33(5):977-985 e975.
2. Ergun S, et al. Arthroscopy. 2020; 2(3):e263-e275.
3. Smith+Nephew 2023. Internal Report. 10090792- Revision B.
4. ArthroCare Corporation 2017. Internal Report. P/N 49190-03 Rev. B.
5. Smith+Nephew 2024. Internal Report. 10144423 Rev B.
6. ArthroCare 2019. Internal Report. Anchor. P/N 49193-02 Rev B.
7. Barber FA, et al. Arthroscopy. 2017;33(6):1113-1121.
8. Nagra NS, et al. Bone Joint Res. 2017;6(2):82-89.
9. Ruder JA, et al. Arthroscopy. 2019;35(7):1954-1959 e1954.
10. Smith+Nephew 2023. Internal Report. 10090792 Rev B.
11. ArthroCare Corporation 2016. Internal Report: P/N 49190-01 Rev.B.
12. Smith+Nephew 2020. Internal Report. 17-5010-11.
13. Smith+Nephew 2016.Feasability, MINITAPE Knot Stack Evaluation and Knot Security.15005268. Rev A
14. Smith + Nephew 2013.ULTRATAPE Pressure Film Testing. 15001847. Rev A.
15. Smith+Nephew 2006.USP Knot Strength, ULTRABRAID (white). ITR-2928. Rev E.
About Smith+Nephew
Smith+Nephew is a portfolio medical technology business focused on the repair, regeneration and replacement of soft and hard tissue. We exist to restore people's bodies and their self-belief by using technology to take the limits off living. We call this purpose 'Life Unlimited'. Our 17,000 employees deliver this mission every day, making a difference to patients' lives through the excellence of our product portfolio, and the invention and application of new technologies across our three global business units of Orthopaedics, Sports Medicine & ENT and Advanced Wound Management.
Founded in Hull, UK, in 1856, we now operate in around 100 countries, and generated annual sales of $5.8 billion in 2024. Smith+Nephew is a constituent of the FTSE100 (LSE:SN, NYSE:SNN). The terms 'Group' and 'Smith+Nephew' are used to refer to Smith & Nephew plc and its consolidated subsidiaries, unless the context requires otherwise.
For more information about Smith+Nephew, please visit www.smith-nephew.com and follow us on X, LinkedIn, Instagram or Facebook.
Forward-looking Statements This document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading profit margins, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. For Smith+Nephew, these factors include: conflicts in Europe and the Middle East, economic and financial conditions in the markets we serve, especially those affecting healthcare providers, payers and customers; price levels for established and innovative medical devices; developments in medical technology; regulatory approvals, reimbursement decisions or other government actions; product defects or recalls or other problems with quality management systems or failure to comply with related regulations; litigation relating to patent or other claims; legal and financial compliance risks and related investigative, remedial or enforcement actions; disruption to our supply chain or operations or those of our suppliers; competition for qualified personnel; strategic actions, including acquisitions and disposals, our success in performing due diligence, valuing and integrating acquired businesses; disruption that may result from transactions or other changes we make in our business plans or organisation to adapt to market developments; relationships with healthcare professionals; reliance on information technology and cybersecurity; disruptions due to natural disasters, weather and climate change related events; changes in customer and other stakeholder sustainability expectations; changes in taxation regulations; effects of foreign exchange volatility; and numerous other matters that affect us or our markets, including those of a political, economic, business, competitive or reputational nature. Please refer to the documents that Smith+Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith+Nephew's most recent annual report on Form 20-F, which is available on the SEC's website at www. sec.gov, for a discussion of certain of these factors. Any forward-looking statement is based on information available to Smith+Nephew as of the date of the statement. All written or oral forward-looking statements attributable to Smith+Nephew are qualified by this caution. Smith+Nephew does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in Smith+Nephew's expectations.
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Volumes in thousand hls 2Q24 Scope Organic 2Q25 Organic growth growth Total Beer North America 22 639 (330 ) 68 22 376 0.3 % (0.0 )% Middle Americas 38 381 – 441 38 822 1.1 % 1.5 % South America 35 969 – (1 770 ) 34 199 (4.9 )% (6.8 )% EMEA 23 852 112 208 24 172 0.9 % 0.6 % Asia Pacific 25 399 – (1 683 ) 23 716 (6.6 )% (6.5 )% Global Export and Holding Companies 62 (6 ) 6 62 10.4 % 10.4 % AB InBev Worldwide 146 302 (224 ) (2 730 ) 143 347 (1.9 )% (2.2 )% Article content HY24 Scope Organic HY25 Organic growth growth Total Beer North America 43 992 (474 ) (1 299 ) 42 218 (3.0 )% (3.2 )% Middle Americas 74 072 – (169 ) 73 903 (0.2 )% 0.1 % South America 76 315 – (1 226 ) 75 089 (1.6 )% (2.5 )% EMEA 44 882 77 (35 ) 44 924 (0.1 )% (0.4 )% Asia Pacific 46 444 (93 ) (2 987 ) 43 365 (6.4 )% (6.3 )% Global Export and Holding Companies 132 (9 ) (7 ) 116 (5.7 )% (5.7 )% AB InBev Worldwide 285 837 (498 ) (5 724 ) 279 615 (2.0 )% (2.3 )% Article content Key Markets Performance Article content Operating performance: 2Q25: Revenue grew by 2.1% with revenue per hl increasing by 1.8% driven by revenue management initiatives and premiumization. Sales-to-retailers (STRs) declined by 2.1%, estimated to have outperformed a soft industry. Sales-to-wholesalers (STWs) grew by 0.2%. EBITDA increased by 4.2% driven by top-line growth and productivity initiatives, even as we continued to increase our marketing investments to fuel momentum. HY25: Revenue declined by 1.5%, with revenue per hl increasing by 1.8%. STRs declined by 3.5% and STWs were down by 3.2%, and we expect our STRs and STWs to converge on a full year basis. EBITDA increased by 1.4%. Commercial highlights: Increased investment and consistent execution drove our momentum with our portfolio continuing to gain market share of the beer industry, according to Circana. Our performance was led by Michelob Ultra and Busch Light, which continued to be the #1 and #2 volume share gainers in the industry. We are the leaders in no-alcohol beer, with our portfolio growing volumes in the high-twenties, and we are leading the industry in innovation with Michelob Ultra Zero and Busch Light Apple the top 2 innovations in the beer industry year-to-date. In Beyond Beer, our spirits-based RTD portfolio delivered low-teens volume growth, led by Cutwater and Nütrl. Article content Operating performance: 2Q25: Revenue increased by mid-single digits, with low-single digit revenue per hl growth driven by revenue management initiatives. Volumes increased by low-single digits, slightly outperforming the industry which benefitted from Easter shipment phasing in April but was negatively impacted by adverse weather in June. EBITDA grew by mid-single digits. HY25: Revenue grew by mid-single digits with revenue per hl growth of mid-single digits and volumes increasing by low-single digits. EBITDA grew by high-single digits with margin expansion. 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EBITDA grew by high-single digits with margin expansion. HY25: Revenue grew by mid-single digits with mid-single digit revenue per hl growth. Volumes increased by low-single digits. EBITDA grew by low-teens with margin expansion. Commercial highlights: Our above core beer brands led our performance, delivering mid-single digit volume growth and driving record high second quarter volumes. Our core beer portfolio delivered a mid-single digit revenue increase driven by Aguila. Article content Brazil: Revenue declined by 1.9% impacted by volume; disciplined revenue and cost management drove mid-single digit bottom-line growth with margin expansion Article content Operating performance: 2Q25: Revenue declined by 1.9% with revenue per hl growth of 4.9% driven by revenue management initiatives and premiumization. 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EBITDA grew by mid-single digits with margin expansion. HY25: Revenue increased by mid-single digits with revenue per hl growth of low-single digits. Volumes grew by low-single digits, estimated to have outperformed the industry in both beer and Beyond Beer. EBITDA grew by mid-single digits. Commercial highlights: Performance in 2Q25 was led by our premium and super premium beer brands, which grew volumes by mid-teens driven by Corona and Stella Artois, and the continued strength of our core brands which delivered low-single digit volume growth. In Beyond Beer, our portfolio grew volumes by mid-single digits. Article content Operating performance: 2Q25: Volumes declined by 7.4%, underperforming the industry according to our estimates, with our performance impacted by continued weakness in our key regions and channels. Revenue per hl increased by 1.3% driven by positive brand mix, resulting in a revenue decline of 6.2%. EBITDA declined by 3.4% as top-line performance was partially offset by productivity initiatives and SG&A efficiencies while we continued to increase marketing investments. HY25: Revenue declined by 9.4% with revenue per hl declining by 1.3% and volumes decreasing by 8.2%. EBITDA declined by 9.6%. Commercial highlights: Industry volumes were estimated to have declined by low-single digits versus 2Q24. We remain focused on executing our strategy, centered on premiumization, channel and geographic expansion, and digital transformation. We continued to strengthen our execution in the in-home channel, increasing our marketing investments and accelerating our channel expansion. In 2Q25, our marketing activations included a new integrated campaign for Budweiser with the FIFA Club World Cup and updated brand imagery for Harbin. The BEES platform is present in more than 320 cities, enabling us to optimize our route to consumer and strengthen our customer relationships. Article content Highlights from our other markets Article content Canada: Volumes grew by low-single digits this quarter, estimated to have outperformed an improved beer industry. Revenue grew by low-single digits with low-single digit revenue per hl growth. Our performance was led by Michelob Ultra, Busch and Corona which were estimated to be three of the top five volume share gainers in the industry. Peru: Revenue grew by high-single digits in 2Q25 with mid-single digit revenue per hl growth, driven by revenue management initiatives. Volumes grew by mid-single digits, as the beer industry returned to growth supported by normalized weather and Easter shipment phasing. Ecuador: Revenue grew by mid-single digits in 2Q25 with volumes increasing by low-single digits. Growth was led by our above core beer brands which increased volume by high-teens. Argentina: Volume trends improved sequentially, declining by low-single digits this quarter. Beer volumes grew by low-single digits as the industry returned to growth, despite overall consumer demand continuing to be impacted by inflationary pressures. Since 1Q24, the definition of organic revenue growth in Argentina has been amended to cap the price growth to a maximum of 2% per month. Revenue grew by mid-twenties on this basis. Africa excluding South Africa: In Nigeria, revenue grew by strong double-digits in 2Q25, driven by revenue management initiatives in a highly inflationary environment. Beer volumes declined by low-teens, impacted by a soft industry and cycling a strong performance in 2Q24. In our other markets in Africa, we grew volume in aggregate by low-single digits, driven by Tanzania and Mozambique. South Korea: Revenue declined by high-single digits in 2Q25 with low-single digit revenue per hl growth driven by revenue management initiatives. While we continued to gain market share in both the on-premise and in-home channels, volumes were negatively impacted by shipment phasing ahead of our April price increase and declined by high-single digits. Article content Figure 3. Consolidated income statement in USD Mio 2Q24 2Q25 Organic growth Revenue 15 333 15 004 3.0 % Cost of sales (6 766 ) (6 558 ) (1.7 )% Gross profit 8 567 8 446 4.0 % SG&A (4 813 ) (4 624 ) 0.0 % Other operating income/(expenses) 151 191 35.2 % Normalized EBIT 3 905 4 013 10.2 % Non-underlying items above EBIT (90 ) (45 ) Net finance income/(expense) (1 170 ) (1 062 ) Non-underlying net finance income/(expense) (221 ) (234 ) Share of results of associates 79 84 Non-underlying share of results of associates – 9 Income tax expense (752 ) (741 ) Profit 1 751 2 024 Profit attributable to non-controlling interest 279 347 Profit attributable to equity holders of AB InBev 1 472 1 676 Normalized EBITDA 5 302 5 301 6.5 % Underlying Profit 1 811 1 950 Article content HY24 HY25 Organic growth Revenue 29 880 28 632 2.3 % Cost of sales (13 419 ) (12 602 ) 0.7 % Gross profit 16 461 16 029 4.6 % SG&A (9 248 ) (8 812 ) (0.6 )% Other operating income/(expenses) 334 383 20.8 % Normalized EBIT 7 547 7 601 10.3 % Non-underlying items above EBIT (119 ) (94 ) Net finance income/(expense) (2 357 ) (2 046 ) Non-underlying net finance income/(expense) (530 ) 368 Share of results of associates 137 135 Non-underlying share of results of associates 104 9 Income tax expense (1 546 ) (1 404 ) Profit 3 236 4 568 Profit attributable to non-controlling interest 672 744 Profit attributable to equity holders of AB InBev 2 564 3 824 Normalized EBITDA 10 288 10 156 7.2 % Underlying Profit 3 320 3 556 Article content Non-underlying items above EBIT & Non-underlying share of results of associates Article content Figure 4. Non-underlying items above EBIT & Non-underlying share of results of associates in USD Mio 2Q24 2Q25 HY24 HY25 Restructuring (28 ) (35 ) (59 ) (47 ) Business and asset disposal (incl. impairment losses) (62 ) (10 ) (60 ) (47 ) Non-underlying items in EBIT (90 ) (45 ) (119 ) (94 ) Non-underlying share of results of associates – 9 104 9 Article content Normalized EBIT excludes negative non-underlying items of 45 million USD in 2Q25 and 94 million USD in HY25. Non-underlying share of results from associates of HY24 included the impact from our associate Anadolu Efes' adoption of IAS 29 hyperinflation accounting on their 2023 results. Article content Net finance income/(expense) Article content Non-underlying net finance income/(expense) Article content Non-underlying net finance cost in 2Q25 includes mark-to-market losses on derivative instruments entered into in order to hedge our share-based payment programs and shares issued in relation to the combination with Grupo Modelo and SAB. Article content The number of shares covered by the hedging of our share-based payment program, the deferred share instrument and the restricted shares are shown below, together with the opening and closing share prices. Article content Income tax expense Article content The HY25 effective tax rate was positively impacted by non-taxable gains from derivatives related to the hedging of share-based payment programs and of the shares issued in a transaction related to the combinations with Grupo Modelo and SAB, while the HY24 effective tax rate was negatively impacted by non-deductible losses from these derivatives. Furthermore, HY24 effective tax rate included 133 million USD of non-underlying tax expense. Article content The decrease in Normalized ETR in 2Q25 compared to 2Q24 and HY25 compared to HY24 is driven mainly by country mix. Article content Underlying EPS Article content Figure 9. Underlying EPS in USD per share, except number of shares in million 2Q24 2Q25 HY24 HY25 Normalized EBITDA 2.64 2.67 5.13 5.11 Depreciation, amortization and impairment (0.70 ) (0.65 ) (1.37 ) (1.28 ) Normalized EBIT 1.95 2.02 3.76 3.82 Net finance income/(expense) (0.58 ) (0.53 ) (1.18 ) (1.03 ) Income tax expense (0.37 ) (0.38 ) (0.70 ) (0.71 ) Associates & non-controlling interests (0.10 ) (0.13 ) (0.27 ) (0.31 ) Hyperinflation impacts 0.01 0.01 0.04 0.02 Underlying EPS 0.90 0.98 1.66 1.79 Weighted average number of ordinary and restricted shares 2 005 1 989 2 005 1 989 Article content Profit attributable to equity holders and Underlying Profit Article content Figure 10. Underlying Profit in USD Mio 2Q24 2Q25 HY24 HY25 Profit attributable to equity holders of AB InBev 1 472 1 676 2 564 3 824 Net impact of non-underlying items on profit 313 261 675 (305 ) Hyperinflation impacts 26 14 81 37 Underlying Profit 1 811 1 950 3 320 3 556 Article content Basic and Underlying EPS Article content Figure 11. Basic and Underlying EPS in USD per share, except number of shares in million 2Q24 2Q25 HY24 HY25 Basic EPS 0.73 0.84 1.28 1.92 Net impact of non-underlying items 0.16 0.13 0.34 (0.15 ) Hyperinflation impacts 0.01 0.01 0.04 0.02 Underlying EPS 0.90 0.98 1.66 1.79 FX translation impact – 0.08 – 0.17 Underlying EPS in constant currency 0.90 1.06 1.66 1.96 Weighted average number of ordinary and restricted shares 2 005 1 989 2 005 1 989 Article content Profit attributable to equity holders and Normalized EBITDA Article content Figure 12. Reconciliation of Normalized EBITDA to Profit attributable to equity holders of AB InBev in USD Mio 2Q24 2Q25 HY24 HY25 Profit attributable to equity holders of AB InBev 1 472 1 676 2 564 3 824 Non-controlling interests 279 347 672 744 Profit 1 751 2 024 3 236 4 568 Income tax expense 752 741 1 546 1 404 Share of result of associates (79 ) (84 ) (137 ) (135 ) Non-underlying share of results of associates – (9 ) (104 ) (9 ) Net finance (income)/expense 1 170 1 062 2 357 2 046 Non-underlying net finance (income)/expense 221 234 530 (368 ) Non-underlying items above EBIT (incl. impairment losses) 90 45 119 94 Normalized EBIT 3 905 4 013 7 547 7 601 Depreciation, amortization and impairment 1 397 1 288 2 741 2 555 Normalized EBITDA 5 302 5 301 10 288 10 156 Article content Normalized EBITDA, Normalized EBIT and Underlying Profit are non-IFRS financial measures used by AB InBev to reflect the company's underlying performance. Underlying EPS and constant currency Underlying EPS are non-IFRS financial measures that AB InBev believes are useful to investors because they facilitate comparisons of EPS from period to period. Article content Normalized EBITDA is calculated by adjusting profit attributable to equity holders of AB InBev to exclude: (i) non-controlling interest; (ii) income tax expense; (iii) share of results of associates; (iv) non-underlying share of results of associates; (v) net finance income or cost; (vi) non-underlying net finance income or cost; (vii) non-underlying items above EBIT; and (viii) depreciation, amortization and impairment. Article content Underlying Profit is calculated by adjusting profit attributable to equity holders of AB InBev to exclude: (i) non-underlying items and (ii) hyperinflation impacts. Underlying EPS is calculated as Underlying Profit divided by the weighted average number of ordinary and restricted shares. Constant currency Underlying EPS is calculated as Underlying EPS excluding the effects of foreign currency translation by translating current period figures using the exchange rates from the same period in the prior year. Article content Normalized EBITDA, Normalized EBIT and Underlying Profit are not accounting measures under IFRS and should not be considered as an alternative to profit attributable to equity holders as a measure of operational performance, or an alternative to cash flow as a measure of liquidity. Underlying EPS and constant currency Underlying EPS are not accounting measures under IFRS and should not be considered as alternatives to earnings per share as a measure of operating performance on a per share basis. These non-IFRS financial measures do not have a standard calculation method and AB InBev's definition of Normalized EBITDA, Normalized EBIT, Underlying Profit, Underlying EPS and constant currency Underlying EPS may not be comparable to that of other companies. Article content Figure 13. Cash Flow Statement (million USD) HY24 HY25 Operating activities Profit of the period 3 236 4 568 Interest, taxes and non-cash items included in profit 7 588 5 736 Cash flow from operating activities before changes in working capital and use of provisions 10 824 10 304 Change in working capital (4 170 ) (3 655 ) Pension contributions and use of provisions (251 ) (278 ) Interest and taxes (paid)/received (3 958 ) (3 801 ) Dividends received 123 135 Cash flow from/(used in) operating activities 2 568 2 704 Investing activities Net capex (1 684 ) (1 350 ) Sale/(acquisition) of subsidiaries, net of cash (19 ) (4 ) Net proceeds from sale/(acquisition) of other assets (29 ) 47 Cash flow from/(used in) investing activities (1 732 ) (1 306 ) Financing activities Net (repayments of) / proceeds from borrowings 1 124 68 Dividends paid (2 142 ) (3 147 ) Share buyback (838 ) (1 901 ) Payment of lease liabilities (406 ) (354 ) Derivative financial instruments (172 ) 114 Sale/(acquisition) of non-controlling interests (414 ) (314 ) Other financing cash flows (465 ) (303 ) Cash flow from/(used in) financing activities (3 313 ) (5 837 ) Net increase/(decrease) in cash and cash equivalents (2 476 ) (4 438 ) Article content Our free cash flow (defined as cash flow from operating activities less net capex) increased by 470 million USD to reach 1 355 million USD in HY25. Our cash and cash equivalents decreased by 4 438 million USD in HY25, compared to a decrease of 2 476 million USD in HY24, with the following movements: Article content Our cash flow from operating activities reached 2 704 million USD in HY25 compared to 2 568 million USD in HY24. The increase was driven by changes in working capital for HY25 compared to HY24. Changes in working capital in the first half of 2025 and 2024 reflect higher working capital levels at the end of June than at year-end as a result of seasonality. Our cash outflow from investing activities was 1 306 million USD in HY25 compared to a cash outflow of 1 732 million USD in HY24. The decrease in the cash outflow was mainly due to lower net capital expenditures in HY25 compared to HY24. Out of the total HY25 capital expenditures, approximately 34% was used to improve the company's production facilities while 51% was used for logistics and commercial investments and 15% was used for the purchase of hardware and software and improving administrative capabilities. Our cash outflow from financing activities amounted to 5 837 million USD in HY25, as compared to a cash outflow of 3 313 million USD in HY24. The increase in the cash outflow versus HY24 was primarily driven by the completion of our 2 billion USD share buyback program, higher dividends paid and lower debt issuance in 2025 compared to 2024. Article content Our net debt increased to 68.1 billion USD as of 30 June 2025 from 60.6 billion USD as of 31 December 2024. Our net debt to normalized EBITDA ratio was 3.27x as of 30 June 2025. Our optimal capital structure is a net debt to normalized EBITDA ratio of around 2x. Article content We continue to proactively manage our debt portfolio. After bond repurchases of 3 billion USD and issuances of 3 billion Euro in HY25, 98% of our bond portfolio holds a fixed-interest rate, 50% is denominated in currencies other than USD and maturities are well-distributed across the next several years. Article content As of 30 June 2025, we had total liquidity of 17.5 billion USD, which consisted of 10.1 billion USD available under committed long-term credit facilities and 7.4 billion USD of cash, cash equivalents and short-term investments in debt securities less bank overdrafts. Article content Notes Article content To facilitate the understanding of AB InBev's underlying performance, the analyses of growth, including all comments in this press release, unless otherwise indicated, are based on organic growth and normalized numbers. In other words, financials are analyzed eliminating the impact of changes in currencies on translation of foreign operations, and scope changes. Since 1Q24, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year). Corresponding adjustments are made to all income statement related items in the organic growth calculations through scope changes. Scope changes also represent the impact of acquisitions and divestitures, the start or termination of activities or the transfer of activities between segments, curtailment gains and losses and year over year changes in accounting estimates and other assumptions that management does not consider as part of the underlying performance of the business. The organic growth of our global brands, Budweiser, Stella Artois, and Corona excludes exports to Australia for which a perpetual license was granted to a third party upon disposal of the Australia operations in 2020. All references per hectoliter (per hl) exclude US non-beverage activities. Whenever presented in this document, all performance measures (EBITDA, EBIT, profit, tax rate, EPS) are presented on a 'normalized' basis, which means they are presented before non-underlying items. Non-underlying items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature. Normalized measures are additional measures used by management and should not replace the measures determined in accordance with IFRS as an indicator of the Company's performance. We are reporting the results from Argentina applying hyperinflation accounting since 3Q18. The IFRS rules (IAS 29) require us to restate the year-to-date results for the change in the general purchasing power of the local currency, using official indices before converting the local amounts at the closing rate of the period. In 2Q25, we reported a negative impact from hyperinflation accounting on the profit attributable to equity holders of AB InBev of (14) million USD. The impact in 2Q25 Basic EPS was (0.01) USD. Values in the figures and annexes may not add up, due to rounding. 2Q25 and HY25 EPS is based upon a weighted average of 1 989 million shares compared to a weighted average of 2 005 million shares for 2Q24 and HY24. Article content Legal disclaimer Article content This release contains 'forward-looking statements'. These statements are based on the current expectations and views of future events and developments of the management of AB InBev and are naturally subject to uncertainty and changes in circumstances. The forward-looking statements contained in this release include statements other than historical facts and include statements typically containing words such as 'will', 'may', 'should', 'believe', 'intends', 'expects', 'anticipates', 'targets', 'ambition', 'estimates', 'likely', 'foresees' and words of similar import. All statements other than statements of historical facts are forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect the current views of the management of AB InBev, are subject to numerous risks and uncertainties about AB InBev and are dependent on many factors, some of which are outside of AB InBev's control. There are important factors, risks and uncertainties that could cause actual outcomes and results to be materially different, including, but not limited to the risks and uncertainties relating to AB InBev that are described under Item 3.D of AB InBev's Annual Report on Form 20-F filed with the SEC on 12 March 2025. Many of these risks and uncertainties are, and will be, exacerbated by any further worsening of the global business and economic environment, including as a result of foreign currency exchange rate fluctuations and ongoing geopolitical conflicts. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements should be read in conjunction with the other cautionary statements that are included elsewhere, including AB InBev's most recent Form 20-F and other reports furnished on Form 6-K, and any other documents that AB InBev has made public. Any forward-looking statements made in this communication are qualified in their entirety by these cautionary statements and there can be no assurance that the actual results or developments anticipated by AB InBev will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, AB InBev or its business or operations. Except as required by law, AB InBev undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The half year 2025 (HY25) financial data set out in Figure 1 (except for the volume information), Figures 3 to 6, 8, 10, 12 and 13 of this press release have been extracted from the group's unaudited condensed consolidated interim financial statements as of and for the six months ended 30 June 2025, which have been reviewed by our statutory auditors PwC Bedrijfsrevisoren BV /Réviseurs d'Entreprises SRL in accordance with the standards of the Public Company Accounting Oversight Board (United States). The second quarter 2025 (2Q25) financial data set out in Figure 1 (except for the volume information), Figures 3 to 6, 8, 10, 12 and 13, and the financial data included in Figures 7, 9, 11 and 14 of this press release have been extracted from the underlying accounting records as of and for the six months ended 30 June 2025. References in this document to materials on our websites, such as are included as an aid to their location and are not incorporated by reference into this document. Article content Investor Conference call and webcast on Thursday, 31 July 2025: Article content 3.00pm Brussels / 2.00pm London / 9.00am New York Article content Registration details: Webcast (listen-only mode): Article content AB InBev 2Q25 Results Webcast Article content About AB InBev Article content Anheuser-Busch InBev (AB InBev) is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD). As a company, we dream big to create a future with more cheers. We are always looking to serve up new ways to meet life's moments, move our industry forward and make a meaningful impact in the world. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest ingredients. Our diverse portfolio of well over 500 beer brands includes global brands Budweiser®, Corona®, Stella Artois® and Michelob Ultra®; multi-country brands Beck's®, Hoegaarden® and Leffe®; and local champions such as Aguila®, Antarctica®, Bud Light®, Brahma®, Cass®, Castle®, Castle Lite®, Cristal®, Harbin®, Jupiler®, Modelo Especial®, Quilmes®, Victoria®, Sedrin®, and Skol®. Our brewing heritage dates back more than 600 years, spanning continents and generations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering spirit of the Anheuser & Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush. To Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure to developed and developing markets, we leverage the collective strengths of approximately 144 000 colleagues based in nearly 50 countries worldwide. For 2024, AB InBev's reported revenue was 59.8 billion USD (excluding JVs and associates). Article content AB InBev Worldwide 2Q24 Scope Currency Translation Organic Growth 2Q25 Organic Growth Volumes 146 302 (224 ) – (2 730 ) 143 347 (1.9 )% Revenue 15 333 (100 ) (688 ) 458 15 004 3.0 % Cost of sales (6 766 ) 25 298 (115 ) (6 558 ) (1.7 )% Gross profit 8 567 (75 ) (389 ) 343 8 446 4.0 % SG&A (4 813 ) 1 186 2 (4 624 ) 0.0 % Other operating income/(expenses) 151 (0 ) (11 ) 52 191 35.2 % Normalized EBIT 3 905 (74 ) (215 ) 397 4 013 10.2 % Normalized EBITDA 5 302 (74 ) (268 ) 341 5 301 6.5 % Normalized EBITDA margin 34.6 % 35.3 % 116bps North America 2Q24 Scope Currency Translation Organic Growth 2Q25 Organic Growth Volumes 22 639 (330 ) – 68 22 376 0.3 % Revenue 3 864 (89 ) (13 ) 82 3 844 2.2 % Cost of sales (1 606 ) 71 4 (6 ) (1 537 ) (0.4 )% Gross profit 2 258 (18 ) (8 ) 76 2 307 3.4 % SG&A (1 101 ) (2 ) 3 (23 ) (1 122 ) (2.0 )% Other operating income/(expenses) 4 – 0 5 10 – Normalized EBIT 1 161 (21 ) (5 ) 59 1 195 5.1 % Normalized EBITDA 1 338 (21 ) (5 ) 60 1 372 4.5 % Normalized EBITDA margin 34.6 % 35.7 % 81bps Middle Americas 2Q24 Scope Currency Translation Organic Growth 2Q25 Organic Growth Volumes 38 381 – – 441 38 822 1.1 % Revenue 4 522 (13 ) (400 ) 230 4 340 5.1 % Cost of sales (1 593 ) (16 ) 135 (43 ) (1 516 ) (2.7 )% Gross profit 2 929 (29 ) (265 ) 188 2 824 6.4 % SG&A (1 100 ) 10 91 11 (987 ) 1.0 % Other operating income/(expenses) 11 – (0 ) (8 ) 3 (73.2 )% Normalized EBIT 1 841 (18 ) (174 ) 190 1 839 10.4 % Normalized EBITDA 2 219 (18 ) (203 ) 152 2 149 6.9 % Normalized EBITDA margin 49.1 % 49.5 % 83bps South America 2Q24 Scope Currency Translation Organic Growth 2Q25 Organic Growth Volumes 35 969 – – (1 770 ) 34 199 (4.9 )% Revenue 2 785 (32 ) (323 ) 99 2 529 3.6 % Cost of sales (1 427 ) (10 ) 180 (57 ) (1 314 ) (4.0 )% Gross profit 1 358 (42 ) (143 ) 42 1 215 3.1 % SG&A (976 ) 7 119 (13 ) (863 ) (1.4 )% Other operating income/(expenses) 99 (6 ) (12 ) 22 104 24.7 % Normalized EBIT 482 (41 ) (36 ) 51 456 10.9 % Normalized EBITDA 750 (41 ) (70 ) 53 692 7.2 % Normalized EBITDA margin 26.9 % 27.4 % 93bps Article content EMEA 2Q24 Scope Currency Translation Organic Growth 2Q25 Organic Growth Volumes 23 852 112 – 208 24 172 0.9 % Revenue 2 301 9 60 118 2 489 5.2 % Cost of sales (1 179 ) 2 (31 ) (44 ) (1 252 ) (3.8 )% Gross profit 1 122 12 29 74 1 237 6.7 % SG&A (691 ) (21 ) (24 ) (27 ) (764 ) (3.8 )% Other operating income/(expenses) 34 5 2 15 56 37.4 % Normalized EBIT 465 (4 ) 6 63 529 13.7 % Normalized EBITDA 721 (4 ) 15 68 800 9.5 % Normalized EBITDA margin 31.3 % 32.1 % 129bps Asia Pacific 2Q24 Scope Currency Translation Organic Growth 2Q25 Organic Growth Volumes 25 399 – – (1 683 ) 23 716 (6.6 )% Revenue 1 749 0 (13 ) (78 ) 1 658 (4.5 )% Cost of sales (821 ) (7 ) 6 50 (771 ) 6.1 % Gross profit 928 (7 ) (7 ) (28 ) 886 (3.0 )% SG&A (549 ) 1 5 24 (520 ) 4.3 % Other operating income/(expenses) 30 0 – (14 ) 17 (45.1 )% Normalized EBIT 410 (7 ) (3 ) (18 ) 383 (4.4 )% Normalized EBITDA 570 (6 ) (3 ) (27 ) 533 (4.8 )% Normalized EBITDA margin 32.6 % 32.2 % (9)bps Global Export and Holding Companies 2Q24 Scope Currency Translation Organic Growth 2Q25 Organic Growth Volumes 62 (6 ) – 6 62 10.4 % Revenue 112 25 1 6 144 7.2 % Cost of sales (141 ) (15 ) 5 (15 ) (168 ) (12.5 )% Gross profit (30 ) 10 5 (9 ) (23 ) (26.6 )% SG&A (396 ) 6 (7 ) 30 (368 ) 7.8 % Other operating income/(expenses) (28 ) 0 (2 ) 31 2 – Normalized EBIT (453 ) 17 (4 ) 52 (389 ) 11.7 % Normalized EBITDA (295 ) 17 (1 ) 35 (245 ) 12.2 % Article content Annex 2: Segment reporting (HY) Article content AB InBev Worldwide HY24 Scope Currency Translation Organic Growth HY25 Organic Growth Volumes 285 837 (498 ) – (5 724 ) 279 615 (2.0 )% Revenue 29 880 (131 ) (1 786 ) 669 28 632 2.3 % Cost of sales (13 419 ) (39 ) 770 87 (12 602 ) 0.7 % Gross profit 16 461 (170 ) (1 016 ) 755 16 029 4.6 % SG&A (9 248 ) (19 ) 510 (55 ) (8 812 ) (0.6 )% Other operating income/(expenses) 334 13 (33 ) 69 383 20.8 % Normalized EBIT 7 547 (176 ) (539 ) 769 7 601 10.3 % Normalized EBITDA 10 288 (174 ) (691 ) 733 10 156 7.2 % Normalized EBITDA margin 34.4 % 35.5 % 166bps North America HY24 Scope Currency Translation Organic Growth HY25 Organic Growth Volumes 43 992 (474 ) – (1 299 ) 42 218 (3.0 )% Revenue 7 457 (126 ) (38 ) (85 ) 7 208 (1.2 )% Cost of sales (3 150 ) 91 13 100 (2 947 ) 3.3 % Gross profit 4 307 (35 ) (25 ) 14 4 261 0.3 % SG&A (2 186 ) (8 ) 14 7 (2 174 ) 0.3 % Other operating income/(expenses) (8 ) – 1 31 23 – Normalized EBIT 2 112 (43 ) (10 ) 51 2 110 2.5 % Normalized EBITDA 2 464 (43 ) (12 ) 50 2 459 2.0 % Normalized EBITDA margin 33.0 % 34.1 % 108bps Middle Americas HY24 Scope Currency Translation Organic Growth HY25 Organic Growth Volumes 74 072 – – (169 ) 73 903 (0.2 )% Revenue 8 574 (25 ) (799 ) 374 8 124 4.4 % Cost of sales (3 179 ) (30 ) 273 70 (2 866 ) 2.2 % Gross profit 5 395 (55 ) (526 ) 444 5 258 8.3 % SG&A (2 065 ) 16 192 (42 ) (1 898 ) (2.1 )% Other operating income/(expenses) 23 – (2 ) (7 ) 14 (31.2 )% Normalized EBIT 3 353 (38 ) (336 ) 395 3 374 11.9 % Normalized EBITDA 4 105 (38 ) (404 ) 344 4 007 8.4 % Normalized EBITDA margin 47.9 % 49.3 % 186bps South America HY24 Scope Currency Translation Organic Growth HY25 Organic Growth Volumes 76 315 – – (1 226 ) 75 089 (1.6 )% Revenue 6 018 13 (900 ) 375 5 507 6.2 % Cost of sales (3 013 ) (99 ) 461 (113 ) (2 764 ) (3.7 )% Gross profit 3 005 (86 ) (438 ) 262 2 743 8.7 % SG&A (1 917 ) (26 ) 287 (57 ) (1 712 ) (2.9 )% Other operating income/(expenses) 215 3 (30 ) 14 201 6.9 % Normalized EBIT 1 304 (109 ) (181 ) 219 1 233 17.2 % Normalized EBITDA 1 834 (106 ) (262 ) 233 1 699 12.9 % Normalized EBITDA margin 30.5 % 30.9 % 188bps Article content EMEA HY24 Scope Currency Translation Organic Growth HY25 Organic Growth Volumes 44 882 77 – (35 ) 44 924 (0.1 )% Revenue 4 228 1 16 209 4 454 5.0 % Cost of sales (2 215 ) 13 (5 ) (72 ) (2 280 ) (3.3 )% Gross profit 2 014 14 11 136 2 174 6.8 % SG&A (1 305 ) (37 ) (9 ) (20 ) (1 371 ) (1.5 )% Other operating income/(expenses) 79 11 0 11 101 12.5 % Normalized EBIT 787 (13 ) 2 128 904 16.5 % Normalized EBITDA 1 290 (13 ) 5 142 1 424 11.1 % Normalized EBITDA margin 30.5 % 32.0 % 177bps Asia Pacific HY24 Scope Currency Translation Organic Growth HY25 Organic Growth Volumes 46 444 (93 ) – (2 987 ) 43 365 (6.4 )% Revenue 3 383 (7 ) (65 ) (203 ) 3 108 (6.0 )% Cost of sales (1 583 ) (9 ) 29 108 (1 456 ) 6.8 % Gross profit 1 800 (16 ) (37 ) (95 ) 1 652 (5.3 )% SG&A (994 ) (2 ) 21 35 (941 ) 3.5 % Other operating income/(expenses) 56 0 (0 ) (15 ) 41 (26.7 )% Normalized EBIT 861 (18 ) (16 ) (75 ) 752 (8.8 )% Normalized EBITDA 1 186 (18 ) (21 ) (90 ) 1 056 (7.7 )% Normalized EBITDA margin 35.0 % 34.0 % (62)bps Global Export and Holding Companies HY24 Scope Currency Translation Organic Growth HY25 Organic Growth Volumes 132 (9 ) – (7 ) 116 (5.7 )% Revenue 221 12 0 (2 ) 231 (0.8 )% Cost of sales (279 ) (5 ) (1 ) (5 ) (290 ) (2.1 )% Gross profit (59 ) 7 (1 ) (7 ) (59 ) (10.1 )% SG&A (781 ) 38 5 22 (716 ) 3.0 % Other operating income/(expenses) (31 ) 0 (2 ) 35 2 – Normalized EBIT (870 ) 45 2 51 (773 ) 6.1 % Normalized EBITDA (590 ) 45 2 54 (489 ) 9.9 % Article content Annex 3: Consolidated statement of financial position Article content Million US dollar 31 December 2024 30 June 2025 ASSETS Non-current assets Property, plant and equipment 23 503 23 854 Goodwill 110 479 114 782 Intangible assets 40 034 41 096 Investments in associates 4 612 4 878 Investment securities 168 152 Deferred tax assets 2 493 2 730 Pensions and similar obligations 42 101 Income tax receivables 470 426 Derivatives 261 44 Trade and other receivables 1 577 1 829 Total non-current assets 183 637 189 892 Current assets Investment securities 221 205 Inventories 5 020 5 475 Income tax receivables 727 872 Derivatives 554 340 Trade and other receivables 5 270 6 994 Cash and cash equivalents 11 174 7 167 Assets classified as held for sale 33 161 Total current assets 22 999 21 215 Total assets 206 637 211 107 EQUITY AND LIABILITIES Equity Issued capital 1 736 1 736 Share premium 17 620 17 620 Reserves 12 304 13 674 Retained earnings 46 577 47 641 Equity attributable to equity holders of AB InBev 78 237 80 671 Non-controlling interests 10 463 10 743 Total equity 88 700 91 414 Non-current liabilities Interest-bearing loans and borrowings 70 720 71 979 Pensions and similar obligations 1 296 1 287 Deferred tax liabilities 11 321 11 385 Income tax payables 284 296 Derivatives 68 372 Trade and other payables 797 1 013 Provisions 385 352 Total non-current liabilities 84 871 86 683 Current liabilities Bank overdrafts – 21 Interest-bearing loans and borrowings 1 449 3 578 Income tax payables 1 805 1 386 Derivatives 5 817 5 609 Trade and other payables 23 804 22 188 Provisions 191 202 Liabilities associated with assets held for sale – 25 Total current liabilities 33 066 33 009 Total equity and liabilities 206 637 211 107 Article content Annex 4: Consolidated statement of cash flows Article content For the six-month period ended 30 June Million US dollar 2024 2025 OPERATING ACTIVITIES Profit of the period 3 236 4 568 Depreciation, amortization and impairment 2 741 2 581 Net finance expense/(income) 2 887 1 678 Equity-settled share-based payment expense 315 309 Income tax expense 1 546 1 404 Share of results of associates (241 ) (144 ) Other non-cash items 339 (93 ) Cash flow from operating activities before changes in working capital and use of provisions 10 824 10 304 Decrease/(increase) in trade and other receivables (1 154 ) (1 130 ) Decrease/(increase) in inventories (325 ) (242 ) Increase/(decrease) in trade and other payables (2 691 ) (2 284 ) Pension contributions and use of provisions (251 ) (278 ) Cash generated from operations 6 403 6 370 Interest paid (2 001 ) (1 916 ) Interest received 303 241 Dividends received 123 135 Income tax paid (2 260 ) (2 126 ) Cash flow from/(used in) operating activities 2 568 2 704 INVESTING ACTIVITIES Acquisition of property, plant and equipment and of intangible assets (1 735 ) (1 404 ) Proceeds from sale of property, plant and equipment and of intangible assets 52 55 Sale/(acquisition) of subsidiaries, net of cash (19 ) (4 ) Proceeds from sale/(acquisition) of other assets (29 ) 47 Cash flow from/(used in) investing activities (1 732 ) (1 306 ) FINANCING ACTIVITIES Proceeds from borrowings 5 466 4 067 Repayments of borrowings (4 342 ) (3 998 ) Dividends paid (2 142 ) (3 147 ) Share buyback (838 ) (1 901 ) Payment of lease liabilities (406 ) (354 ) Derivative financial instruments (172 ) 114 Sale/(acquisition) of non-controlling interests (414 ) (314 ) Other financing cash flows (465 ) (303 ) Cash flow from/(used in) financing activities (3 313 ) (5 837 ) Net increase/(decrease) in cash and cash equivalents (2 476 ) (4 438 ) Cash and cash equivalents less bank overdrafts at beginning of year 10 314 11 174 Effect of exchange rate fluctuations (463 ) 410 Cash and cash equivalents less bank overdrafts at end of period 7 375 7 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Globe and Mail
7 hours ago
- Globe and Mail
As Trump's latest tariff deadline nears, here are the trade deals the U.S. has announced so far
The clock is ticking closer to U.S. President Donald Trump's latest tariff deadline of Aug 1. And while several more deals – or at least frameworks for deals – have been reached since his last tariff deadline of July 9 came and went, trade talks with many countries are still in flux. Trump unveiled sweeping import taxes on goods coming into the U.S. from nearly every country back in April. That included heightened so-called reciprocal rates for certain countries, the bulk of which have since been postponed twice. The first 90-day pause arrived in an apparent effort to quell global market panic and facilitate country-by-country negotiations, with the Trump administration at one point setting a lofty goal of reaching 90 trade deals in 90 days. But three months later, only two deals emerged: with the U.K. and Vietnam. A separate 'framework' for a deal was hashed out with China. And by early July, Trump began sending warning letters that higher tariffs would be imposed against dozens of countries on Aug. 1. Since then, the U.S. has announced more trade frameworks. But, key details remain sparse – or not immediately captured in writing. Here's what we know about the agreements so far, in the order of those most recently announced. The U.S. President said he reached an agreement with Seoul on July 30 that would impose a 15-per-cent tariff for goods from South Korea. The countries have also agreed for South Korea to buy US$100-billion in energy resources from the U.S. and for South Korea to give to the U.S. US$350-billion for 'investments owned and controlled by the United States, and selected by myself, as president,' Trump said. The U.S. and the EU announced a trade framework that imposes 15-per-cent tariffs on most European goods – warding off Trump's most recent threat of 30-per-cent if no deal had been reached by Aug. 1. But some key details require more work. The headline of the agreement, unveiled July 27, is that the 15-per-cent tariff rate will apply to 70 per cent of European goods brought into the U.S. – with the EU later confirming that that rate applies to pharmaceuticals, semiconductors, and car and car parts. But the remaining 30 per cent of those imports is still open for negotiations. European Commission President Ursula von der Leyen said that both sides had agreed to zero tariffs for a range of 'strategic' goods. Meanwhile, Trump pointed to heightened investments from European companies in the U.S. – including what Trump said was US$750-billion (€638-billion) worth of natural gas, oil and nuclear fuel over three years, as well as an additional US$600-billion (€511-billion) under a political commitment that isn't legally binding, officials said. Explainer: The details of Trump's trade deal with the EU On July 22, Trump announced a trade framework to impose 15-per-cent tariffs on Japan – down from his previously-threatened rate of 25 per cent. The U.S. President also said Japan would invest US$550-billion into the U.S. and would 'open' its economy to American autos and rice. The newly-agreed on 15-per-cent tariff rate also applies to Japanese cars – marking a welcome relief for automakers like Toyota Motor Corp. and Honda – which, like other automakers, have faced a 25-per-cent levy on key parts and finished vehicles going into the U.S. since earlier this year. But car companies in other countries, including U.S. competitors, worry that this could put them at a disadvantage. Shortly after a July 22 meeting with Philippine President Ferdinand Marcos, Jr., Trump announced that he would lower his coming tariffs on imports from the country to 19 per cent – down just 1 per cent from his previous threat of 20 per cent. In return, Trump said on Truth Social, the U.S. would not pay tariffs on American goods it shipped to the Philippines. But additional details remained unclear. Marcos said his country was considering options such as having an open market without tariffs for U.S. automobiles, but emphasized details were still left to be worked out. Explainer: What are the current tariffs between Canada and the U.S.? On July 15, Trump again took to social media to announce that he's agreed to lower his planned tariffs on Indonesian goods to 19 per cent – down from a previously-threatened levy of 32 per cent – while American goods sent to the southeast Asian country will face no tariffs. A fact sheet from the White House later confirmed that 'over 99% of U.S. products' exported to Indonesia would be sent duty-free. Indonesian President Prabowo Subianto said he will continue to negotiate with Trump, in hopes of further lowering the coming U.S. tariffs. On July 2, Trump announced a trade deal with Vietnam that he said would allow U.S. goods to enter the country duty-free. Vietnamese exports to the U.S., by contrast, would face a 20-per-cent levy. That's less than half the 46 per cent 'reciprocal' rate Trump proposed for Vietnamese goods back in April. But in addition to the new 20-per-cent tariff rate, Trump said the U.S. would impose a 40-per-cent tax on 'transshipping' – targeting goods from another country that stop in Vietnam on their way to the United States. Washington complains that Chinese goods have been dodging higher U.S. tariffs by transiting through Vietnam. On May 8, Trump agreed to cut tariffs on British autos, steel and aluminum, among other trade pledges – while the U.K. promised to reduce levies on U.S. products like olive oil, wine and sports equipment. The deal was announced in grandiose terms by both countries, but some key details remained unknown for weeks. When the deal was announced, for example, the British government notably said that the U.S. agreed to exempt the U.K. from its then-universal 25-per-cent duties on foreign steel and aluminum – which would have effectively allowed both metals from the country to come into the U.S. duty-free. But the timing for when those cuts would actually take effect stayed up in the air for almost a month. It wasn't until early June, when Trump hiked his steel and aluminum tariffs to a punishing 50 per cent worldwide, that the U.S. acknowledged it was time to implement the agreement. And even then, U.S. tariffs on British steel and aluminum did not go to zero. The U.K. was the only country spared from Trump's new 50-per-cent levies, but still faces 25-per-cent import taxes on the metals. At its peak, Trump's new tariffs on Chinese goods totalled 145 per cent – and China's countertariffs on American products reached 125 per cent. But on May 12, the countries agreed to their own 90-day truce to roll back those levies to 30 per cent and 10 per cent, respectively. And in June, details began trickling in about a tentative trade agreement. U.S. Treasury Secretary Scott Bessent said that China had agreed to make it easier for American firms to acquire Chinese magnets and rare earth minerals critical for manufacturing and microchip production. Meanwhile, the Chinese Commerce Ministry said that the U.S. would 'lift a series of restrictive measures it had imposed on China.' Other key details of the deal remain murky – including the timing of implementation for these terms. On July 29, China's top trade official said the two sides had agreed to work on extending an Aug. 12 deadline for new tariffs on each other, following a two-day trade meeting in Stockholm. The U.S. side said extension plans were discussed, but not decided.
