Sportswear brand warns it could get more expensive due to tariffs
Adidas could get more expensive in the coming months.
The sportswear giant said the price of all its products will rise in the U.S. due to President Donald Trump‘s tariffs, according to USA TODAY.
In a report about first-quarter results, Adidas CEO Bjørn Gulden praised the brand for double-digit growth across all markets, but said the “uncertainty regarding the US tariffs” dimmed the outlook on success for the rest of the year.
“Since we currently cannot produce almost any of our products in the US, these higher tariffs will eventually cause higher costs for all our products for the US market,” Gulden said in the report. “Given the uncertainty around the negotiations between the US and the different exporting countries, we do not know what the final tariffs will be.”
Other company CEOs have also announced the possibility of higher prices due to the onset of tariffs from the Trump administration. In an interview with CNBC about the tariff policies, Amazon CEO Andy Jassy said the e-commerce company’s vast network of third-party sellers may “pass that cost on” to consumers.