How Tariff Talk Has Evolved in US Earnings Calls Over the Past 23 Years

 We analyzed mentions of "tariffs" in U.S. earnings calls over the past two decades:
🔹 In 23 years of data, only the Trump presidencies saw tariffs become a major boardroom topic.
 🔹 During Trump I, it took time for tariff talk to ramp up.
 🔹 In Trump II, we've surpassed the prior peak — and the bulk of earnings season hasn't even hit.
 🔹 Mentions are now far beyond the previous peak.

 👀 Market participants are clearly bracing for geopolitical and trade turbulence.

💬 This time the Trade War does not look like a negotiation tactic.