February 3, 2025
Dear Shareholder,
We are writing to give you an update on the tariff situation following the announcements over the weekend of tariffs
imposed on trade starting tomorrow, Tuesday February 4th.
The key messages are:
- This is a fluid situation and we are keeping close to the situation and customers to manage it
- Tariffs on product shipping to the US are across the board, tariffs on product shipping to Canada and
Mexico are more targeted and don’t include most manufactured products meaning the most impactful tariffs
for us will be those imposed by the US - Because the tariffs imposed by the US include auto parts we are likely to see our customers slow or cease
production in the near term
Here is a recap on what has happened so far: