Katie Farmer: Our customers have adapted and adjusted to the tariffs

• Berkshire Hathaway businesses have adapted to tariffs by realigning inputs and managing cost pressures, with teams doing a 'remarkable job' of minimizing impact.
• Customers pulled forward shipments in early 2025 in anticipation of tariffs, leading to a volume ramp-up, which then stabilized as customers adjusted.
• Tariffs create uncertainty, potentially keeping capital on the sidelines for manufacturing investments, but businesses with long histories (average 88 years) have experience managing such 'curveballs'.

Berkshire Hathaway executives discussed the impact of tariffs on their operating businesses. They highlighted that businesses have largely adapted and managed through tariff-related cost pressures and supply chain adjustments. While tariffs introduce uncertainty and can affect planning, the overall impact on the diverse portfolio has been minimized through proactive management and customer adaptation.