Adidas has warned it may raise prices in the U.S. after new tariffs are expected to increase its costs by 200 million euros ($229 million) in H2 2025. The German sportswear giant said the tariffs, imposed on footwear from Vietnam and Indonesia — its two largest sourcing countries — could push total import duties up to 46% and 43%, respectively. Shares in Adidas dropped more than 7% following the announcement, extending the stock’s YtD loss to 23%. CEO Bjorn Gulden said the company is holding off on adjusting its full-year guidance due to ongoing uncertainty over the final structure of U.S. trade policy.