Chinese manufacturers are widely considered to be more flexible than their American counterparts, accepting smaller orders and more product customisations. Economic uncertainty surrounding tariffs has considerably worsened the economic outlook across the country,

"You don't know whether or not China's going to eat it," Trump said of the potential for tariffs on Chinese goods to increase consumer prices.

Adidas warns that Trump's tariffs will lead to an increase in sneaker prices in the US as it relies on imports, affecting its business outlook.

The chief of the German sportswear giant said unpredictability surrounding the tariffs prevented the company from issuing a full-year forecast, but he predicted a price increase for American consumers.

Sportswear giant Adidas has warned import taxes imposed by President Donald Trump will lead to higher prices in the US for popular trainers including the Gazelle and Samba. "Since we currently cannot produce almost any of our products in the US,

Porsche's margins plunged in the first quarter, the sportscar maker said on Tuesday, forcing it to cut its outlook due to weakness in its key market China, a slowing shift to electric cars and U.S. tariffs that are disrupting the global car industry.

Porsche AG expects its profit margin to slip into single digits this year, with the luxury-car maker warning about US tariffs and higher costs from weak electric-vehicle adoption.

Profits at Porsche and Volvo Cars fell sharply in the first quarter as the two European manufacturers warned of a heavy toll on the industry from Donald Trump’s trade war. The automotive industry has rushed to cut costs and protect cash flows after the US president imposed a 25 per cent tariff on all imports of foreign-made cars from early April,