Adidas AG $ADS.DE, the German athletic wear giant, reported solid earnings for the first quarter of 2025 but opted not to revise its full-year outlook. The company cited ongoing uncertainty surrounding potential U.S. import tariffs as the main factor for its cautious stance, despite a performance that under normal conditions would have warranted an upgrade to its revenue and profit guidance.

In recent months, actions taken by US President Donald Trump regarding the increase in import tariffs have led to significant changes in the global market. Leaders of major companies, such as Swedish retailer H&M, have stated that consumers in the United States may face rising prices. This is anticipated due to the introduction of new tariffs and adjustments in supply chains.