As President Trump reiterated on Truth Social Wednesday that his Aug. 1 deadline for new trade deals and tariffs will remain firm, one major company is already warning that prices are going up either way. Procter & Gamble confirmed during the week of July 27 that it will raise prices on about 25% of its products, starting in August.
P&G’s household staples include Charmin toilet paper, Tide laundry detergent, Febreze fabric freshener, Dawn dish liquid, Crest toothpaste, Pampers diapers and Pantene shampoo, among others.
Tariffs driving up costs
The company said Tuesday, July 29, that it expects to lose roughly $1 billion due to tariffs, and those costs will be passed on to consumers.
P&G says about 90% of its products are manufactured in the U.S., but it does rely on materials imported from China – materials previously being negotiated under Trump administration trade talks. No new deal has been announced.
Sluggish spending and layoffs
Beyond tariffs, P&G is grappling with sluggish consumer spending. CEO Jon Moeller told reporters Tuesday that the downturn is being fueled by “tariffs, inflation, interest rates and political and social divisiveness.”
The company also announced it will reduce its global workforce by 6% over the next two years as part of a broader restructuring effort.
Other companies sound the alarm
P&G isn’t alone. Other major brands are also warning of tariff-driven price hikes.
Nike and Walmart have previously signaled similar moves. This week, Stanley Black & Decker said it expects an additional $800 million in costs from tariffs, while Conagra anticipates its costs will rise by more than $200 million.
