After posting 12% currency-neutral growth last year, The Big A is guiding for a more modest high-single-digit improvement in 2025 but cautioned that new tariffs and the resulting inflation and uncertainty would pose a significant headwind to U.S. consumer demand. China tariffs are not a big issue for the company itself, with only 3% to 4% exposure, but the Trump administration’s threatened reciprocal tariffs on key sourcing countries like Vietnam could cause significantly more damage. Assuming no radical changes to trade policy, Adidas expects operating income to come in between €1.7 ... Log in to view full article.