Company bosses warn over tariffs impact
Summary
Several prominent U.S. companies including Intel, Skechers, and Procter & Gamble have cited tariffs as a cause of economic uncertainty, prompting them to either revise or withdraw their profit forecasts. This comes in the context of President Donald Trump's ongoing efforts to negotiate new trade agreements.Key Facts
- Notable U.S. companies have cut or withdrawn their profit forecasts citing economic uncertainty due to tariffs.
- Intel's Chief Financial Officer, David Zinsner, warned of potential economic slowdown and increased costs.
- Skechers, a footwear maker, withdrew its annual results forecast due to the dynamic current environment.
- Procter & Gamble hinted at the possibility of higher prices for its customers due to tariffs on materials sourced from China and elsewhere.
- Seven & I, owner of 7-Eleven stores, expressed concerns about trade tensions, noting that North America accounts for over 70% of its sales.
- South Korean car manufacturer Hyundai announced the formation of a task force to address fallout from tariffs.
- Despite these impacts, there have been signs of progress in trade talks between the U.S. and South Korea.
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