Add PepsiCo and Procter & Gamble, two of the largest consumer products makers, to the list of companies getting smacked by the Trump administration’s tariff saga.
P&G, the maker of dozens of brands such as Tide detergent, Gillette grooming products, and Charmin toilet paper, on Thursday cut its annual sales and profit forecasts, in large part because of tariffs and volatility in consumer demand. P&G CEO Jon Moeller told CNBC that “tariffs are inherently inflationary” and that higher prices on many of its products are likely coming soon. In an earlier forecast, P&G said it expected organic sales growth to be 3% to 5% for the fiscal year ending in late June. But now it expects that to be only 2%.
