3M Company (MMM) Q2 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.180 I was hoping you'd take us through the changes in your tariff assumptions, 00:00:05.180 -- 00:00:09.146 you know, the benefit of the pause that was implemented. 00:00:09.146 -- 00:00:15.176 But did you make any specific mitigation actions in the quarter? 00:00:15.176 -- 00:00:20.285 And, you know, kind of what was the decision about including it in guidance 00:00:20.285 -- 00:00:22.357 on a go-forward basis? 00:00:22.357 -- 00:00:26.143 So so the last time we said it was 60 cents gross. 00:00:26.143 -- 00:00:30.871 Now it's 20. The biggest change really going to be around China. 00:00:30.871 -- 00:00:35.980 You know, last year, last quarter, you know, about 80 percent of the tariff impact. 00:00:35.980 -- 00:00:39.586 You know, at the time, the rate was 125, 145. 00:00:39.586 -- 00:00:44.859 So you has 145. China was 125%. They've come down dramatically to 10 00:00:44.859 -- 00:00:48.008 and 30. That was the biggest source of change. 00:00:48.008 -- 00:00:53.483 Things are moving around still a little bit, but we included it in the guidance 00:00:53.483 -- 00:00:56.191 mainly because we're more than halfway through the year. 00:00:56.191 -- 00:00:59.155 Things have stabilized at least a little bit. 00:00:59.155 -- 00:01:04.223 And any changes from here, you know, we'd only have a couple of months in the balance 00:01:04.223 -- 00:01:08.149 of the year that would impact 25. The rest would roll into 2026. 00:01:08.149 -- 00:01:13.517 So we feel we're pretty well calibrated. Of course, we're watching very carefully 00:01:13.517 -- 00:01:19.085 what happens in the EU. You know, we've got to watch against any re-escalation 00:01:19.085 -- 00:01:21.969 in trade tensions with China. You know, that could be a change. 00:01:21.969 -- 00:01:...