EXPD · 10-Q · 2026Q3 · Full report

Trade Policy and Tariffs

EXPEDITORS INTERNATIONAL OF WASHINGTON INC · 2026-11-04 · Importance 40 · Surprise 42

Beginning in 2025, the United States initiated significant tariff actions affecting imports from various countries and industries, with additional measures, retaliatory actions, enforcement initiatives and legal challenges continuing through 2026. Following the February 2026 Supreme Court ruling invalidating tariffs imposed under the International Emergency Economic Powers Act (IEEPA), related refund programs are substantially complete or in later processing stages; new U.S. tariffs were broadly imposed across countries in July 2026. The Company says evolving trade regulations, customs requirements, transparency initiatives and export controls are increasing declaration complexity and requiring importers to provide more detailed information and maintain enhanced compliance processes. The Company cannot predict how other countries will respond or how current and future trade actions will affect global trade flows, customer supply chains and demand for its services.

Key facts

• Beginning in 2025, the United States initiated significant tariff actions affecting imports from various countries and industries; additional tariff measures, retaliatory actions, enforcement initiatives, and legal challenges continued throughout 2026. source
• Refund programs associated with tariffs imposed under the IEEPA, following the February 2026 Supreme Court ruling invalidating those tariffs, were substantially complete or in the later stages of processing. source
• New U.S. tariffs were broadly imposed across a variety of countries in July 2026. source
• Ongoing and potential future trade actions may affect global trade flows, customer supply chains, and demand for Expeditors’ services. source
• Expeditors’ customs brokerage revenues and operating income could be negatively affected if international trade slows or tariffs are substantially removed. source