Procter & Gamble to cut 7,000 jobs

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. While the

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

00:18are imported from China. Based on the current tariff rates, P&G says it's preparing to take

00:23a before-tax hit of $600 million in its 2026 fiscal year. The company has already announced

00:28there would be price increases on some products. Of the announcement, P&G executives said this is

00:33not a new approach, rather an intentional acceleration of the current strategy to win

00:37in the increasingly challenging environment in which we compete. According to Reuters,

00:41the trade war has already cost 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.