PepsiCo’s stock falls after the company reports a rare quarterly earnings miss as tariffs raise costs, slow 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.

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