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.

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

PepsiCo, which imports soda concentrate to the U.S., said tariff costs would contribute to an earnings decline this year. The company also cited dampening of consumer confidence driven by the global trade war.