PepsiCo lowered its full-year earnings expectations Thursday, citing increased costs from tariffs and a pullback in consumer spending.

As we look ahead, we expect more volatility and uncertainty, particularly related to global trade developments,” PepsiCo chairman and CEO Ramon Laguarta said.

PepsiCo on Thursday cut its annual profit forecast as the soda and snacks giant signaled higher production costs and subdued consumer spending due to the uncertainty fueled by U.S. President Donald Trump's expansive tariffs.