In an interview with CNBC, P&G CEO Jon Moeller discussed the company’s quarterly earnings results, growth outlook, impact of tariffs, business in China, state of the consumer, and more.

Moeller commented,

“The markets that we are competing in, if you look at the U.S. for example, the last couple of months have slowed from what used to be more recently about a 4% growth, to 1%. The same kind of dynamic in Europe.”

He believes that this reflects overall consumer uncertainty.

When asked about the market in China, Moeller expressed that it is P&G’s second-largest market in sales and profits and that the company has seen modest improvement. 

CNBC asked Moeller about the Trump tariffs, and P&G is still sorting through what it will look like. However, Moeller explained how most products are produced close to consumption.

Since 2017, P&G has invested in manufacturing in the U.S. and employed an additional 6,000 people. 

Moeller concluded that any price increases made by P&G will be implemented in the next fiscal year.

“Things are coming around, but it is going to take a while, and the path forward will be bumpy.”

Watch the full interview below.