This US-based company warns revenue could suffer from ‘anti-American sentiment’ amid trade war backlash

• Beyond Meat recently flagged the risk that “anti-American sentiment” could hurt sales if it loses customers in other countries or faces other forms of retaliation that affect its sourcing and manufacturing. That’s as US tariffs trigger a global backlash against American products.

Beyond Meat, a producer of plant-based meat substitutes, recently warned that its status as a US company could hurt sales amid an international backlash against President Donald Trump’s tariffs.

The El Segundo, Calif.-based company filed a 10-K annual report with the SEC earlier this month that included a section on risk factors.

In regulatory filings, such sections are often a laundry list of a wide universe of potential headwinds, with some more likely than others. Beyond Meat’s flagged the possible risks associated with epidemics, natural disasters, severe weather, civil strife, war, terrorist activity and other geopolitical tensions.

It also mentioned Trump’s tariffs and plans for retaliation by US trade partners like Canada, saying the company may have to raise prices, increase inventory levels, or find new sourcing for products that it imports.

“There is no assurance that we would be able to pass on any cost increases, in full or at all, to our customers, and/or we could lose customers in countries such as Canada due to anti-American sentiment, any of which could materially affect our revenue, gross margin and results of operations,” Beyond Meat warned.

Any trade wars that feature “buy national” policies or other forms of retaliation against US tariffs could hurt the company’s supply chains, prices, demand, and macroeconomic markets, the filing added.

For example, Beyond Meat sources almost all of its pea protein from Canada and manufactures some of its products there.

“We cannot predict future trade policy and regulations in the United States and other countries, the terms of any renegotiated trade agreements or treaties, or tariffs and their impact on our business. A trade war could have a significant adverse effect on world trade and the world economy,” it said, noting that uncertainty on trade policy can also impact consumer confidence and spending.

The company didn’t immediately respond to a request for further comment.

To be sure, Beyond Meat’s sales had previously been in a slump before Trump returned to the White House as demand for meat substitutes waned more broadly.

But sales had recently started to turn around. Fourth-quarter revenue rose 4% to $76.7 million, marking the second consecutive quarter of annual growth, the company said last month.

Still, the backlash against US products is real, from alcohol to cutting-edge weapons. Canadians are pulling bottles of American liquor off shelves, and sales of Tesla cars are collapsing in Europe as CEO Elon Musk interjects himself in national elections and becomes more closely associated with Trump’s policies.

Even the F-35 stealth fighter is not immune. NATO allies Canada and Portugal are now having second thoughts about buying the fighter from the US and are taking a look at European alternatives.

This story was originally featured on Fortune.com