Procter & Gamble announces layoffs

P&G announced it will be laying off roughly 6% of its workforce.

Transcript

00:00Procter & Gamble, which owns brands like Pampers, Mr. Clean and Tide, announced it will be laying

00:04off roughly 6% of its workforce. With 108,000 employees, that comes out to about 7,000 job

00:10cuts. The reason behind the cuts is one we've heard a lot in recent months – tariffs.

00:14While the majority of what the company sells is produced in the U.S., some materials and

00:18finished products are imported from China. Based on the current tariff rates, P&G says

00:22it's preparing to take a before-tax hit of $600 million in its 2026 fiscal year.

00:27The company has already announced there would be price increases on some products.

00:30Of the announcement, P&G executives said this is not a new approach,

00:33rather an intentional acceleration of the current strategy – to win in the increasingly

00:38and challenging environment in which we compete. According to Reuters, the trade war has already

00:41cost U.S. companies more than $34 billion in lost sales and increased cost.

00:46That'll do it for your Daily Briefing. From New York City, I'm Kelsey Barbario with The Street.