Two weeks ago, McCormick & Company called an early round of tariffs introduced by President Donald Trump “significant” and said its company could “be adversely affected.”

Then came the real tariffs.

Trump on April 2 announced a blanket tariff on all imported goods into the U.S. and rolled out especially high levies on certain countries. Since then, companies have scrambled and the stock market has nosedived.

How corporations, including the Hunt Valley-based spice giant McCormick, plan to contend with a seismic shift to their operations remains to be seen. McCormick, the largest spice company in the world, did not respond to requests for comment.

In a recent filing to the U.S. Securities and Exchange Commission, McCormick warned investors that U.S. trade policies — including the previously announced tariffs on China, Canada and Mexico — could harm its operations.

“If maintained, the announced tariffs, as well as related measures that could be taken by other countries and the potential escalation of trade disputes, could pose a risk to our business and results of operations,” McCormick said in a quarterly report filed March 25.

Not only have tariffs been maintained, they’ve multiplied.

All countries face a 10% tariff, and some have to pay extraordinary levies. China, which was the world’s No. 1 exporter of spices in 2023, according to the Observatory of Economic Complexity, could soon face an astonishing 104% tariff.

India, the world’s No. 2 spice exporter. faces a 27% tariff.

McCormick has not said where the bulk of its goods come from, but it sources from roughly 80 countries, according to the company’s website. Its cinnamon, for example, comes from Indonesia and Vietnam, which now face tariffs of 32% and 46%, respectively.

Before those tariffs were announced, McCormick said in its March report that it would use “targeted price adjustments” to combat levies.

“Our attempts to potentially offset these pressures through increases in the selling prices of some of our products may not be successful and may result in reductions in sales volume,” the company said. “To the extent that price increases are not sufficient to offset increased costs, and/or if they result in significant decreases in sales volume, our business, financial condition, or operating results may be adversely affected.”

Quarterly reports often include a section on “risk factors.” Sometimes none are listed. In March, the only factor McCormick named was the harm that trade policies, both from the U.S. and from how other countries respond, could have.

McCormick’s stock value was as high as $83.15 on March 31, but it closed Monday at $73.92, a drop of more than 10%.

Separately, the company also is adjusting some of its products to stay in line with reforms outlined by U.S. Health and Human Services Secretary Robert F. Kennedy Jr.

Brendan Foley, the chairman, president and CEO of McCormick, said in the late March earnings call that the company is planning to make changes to products that have certain food dyes and sodium.

“We are seeing a tick up in reformulation activity,” he said.

Any change would be in addition to a Food and Drug Administration ban earlier this year on Red No. 3, a common food dye. That dye has recently been included in 16 McCormick products, including icing, sprinkles and imitation bacon bits.