Adidas just dropped more than sneakers in its Q1 earnings call—it dropped some serious tariff shade. As Donald Trump crosses 100 days into term two, his tariff policy is still throwing punches—especially at the footwear industry. While other brands kept quiet like it’s Fashion Week and they wore Crocs, adidas finally spoke up.

CEO Bjørn Gulden didn’t hold back. He admitted, “Since we currently cannot produce almost any of our products in the US, these higher tariffs will eventually cause higher costs for all our products for the US market.” Translation? U.S. sneakerheads are about to pay more for less.

Despite a strong Q1, adidas refused to raise its full-year outlook. Gulden made it clear that in a “normal” world, they’d bump projections. But thanks to political chaos and tariff roulette, optimism has been benched.

Adidas now plans to lean harder on international markets—the ones not playing economic dodgeball. Meanwhile, in the U.S., expect your next pair of Sambas or Anthony Edwards to cost more than your monthly Wi-Fi bill.

With global sneaker production deeply rooted overseas, the entire footwear world should be sweating through its insoles. Brands may be staying quiet now, but once those retail prices start rising, the silence will break—and loudly.

In short: The adidas Q1 earnings call didn’t just drop numbers—it dropped warnings. U.S. consumers, lace up your wallets. It’s going to be a pricey ride.

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