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 shares slipped in premarket trading Thursday after the beverage and snack food giant lowered its full-year earnings outlook because of tariffs.

PepsiCo Inc. lowered its full-year profit outlook, showing that demand for the company’s snacks and soft drinks is wobbling amid unpredictable US trade policy and worsening consumer sentiment.