Terex reported a decline in 4Q operating profit margins to 3.8% from 5.3% as a result of higher costs “driven by higher steel prices and tariffs” according to CEO John Garrison. The materials handling equipment producer has dealt with tariffs by having “reset prices” as well as “transitioning significant volume to new suppliers”. China accounted for 14.5% of Terex’s U.S. seaborne imports in 2018 suggesting further upheaval could be minimal. A bigger issue may be post-Brexit complications. The U.K. represented 32.6% of imports led by shipments of grading and grinding equipment. Replacing ...