US President Donald Trump's reliance on tariffs rather than sanctions has been described as both the "world's worst bet" and "a powerful proven source of leverage" to protect the national interests of the United States.

The levies, which are scheduled to take effect Aug. 1, would dramatically escalate U.S. tariff policy and threaten to hike prices for everyday goods ranging from coffee to shoes. Trump delayed the so-called "reciprocal tariffs" in April,

The company indicated that it expected to take a nearly $350 million hit from net tariffs that occurred in the first quarter alone, and warned that figure could grow to around $1.75 billion for the full fiscal year.