However, the company did not reveal how big the price hikes would be.
Transcript:
Adidas says it will be raising prices on all of its U.S. products — and it’s pointing a finger at tariffs as the reason for the move. However, the company said it doesn’t know how big an increase is coming yet.
In a statement Adidas said, “Given the uncertainty around the negotiations between the U.S. and the different exporting countries, we do not know what the final tariffs will be. Therefore, we cannot make any ‘final’ decisions on what to do.”
Adidas revealed that while it has some exposure to China, which currently has a tariff rate of 145%, it was feeling a far bigger impact from an overall increase in tariffs in other countries. The company has factories in both Cambodia and Vietnam — both of which are being hit with a 40% rate.
Adidas also said it is currently unable to make most, if not all, of its products in the U.S.
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