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Procter & Gamble will cut 7,000 jobs, or roughly 15% of its nonmanufacturing workforce, as part of a two-year restructuring program.

The layoffs by the consumer goods giant come as President Donald Trump 's tariffs have led a range of companies to hike prices to offset higher costs. The trade tensions have raised concerns about the broader health of the U.S. economy and job market .

P&G CFO Andre Schulten announced the job cuts during a presentation at the Deutsche Bank Consumer Conference on Thursday morning. The company employs 108,000 people worldwide, as of June 30, according to regulatory filings.

P&G faces slowing growth in the U.S., the company's largest market. In its fiscal third quarter, Nort

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