Procter & Gamble will cut up to 7,000 jobs over the next two years as the maker of Tide detergent and Pampers diapers implements a restructuring program at a time when tariffs are raising costs for American companies and consumers are growing anxious about the economy.

The job cuts, announced at the Deutsche Bank Consumer Conference in Paris on Thursday, make up approximately 6% of the company’s global workforce, or about 15% of its nonmanufacturing positions, said Chief Financial Officer Andre Schulten.

“This restructuring program is an important step toward ensuring our ability to deliver our long-term algorithm over the coming two to three years,” Schulten said. “It does not, however, remove the near-term challenges that we currently face.”

Procter & Gamble, based in Cincinnati, had approximately 108,000 employees worldwide in June 2024.

The cuts are part of a broader restructuring program. Procter & Gamble will also end sales of some of its products in certain markets. Procter & Gamble said it will provide more details about that in July.

Like many companies, Procter & Gamble is dealing with American consumers who are worrying about their spending as they keep an eye on inflation.

U.S. consumer sentiment fell slightly in May for the fifth straight month, surprising economists. The preliminary reading of the University of Michigan’s closely watched consumer sentiment index declined 2.7% on a monthly basis to 50.8, the second-lowest level in the nearly 75-year history of the survey. The only lower reading was in June 2022. Since January, sentiment has tumbled nearly 30%.

And on Wednesday, the Congressional Budget Office released an analysis that said that President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall.