The British establishment of the US Denim group Levi is exposed to a potential ‘anti-American’ mood due to the Trump-Zölle and other measures by the US government. The company fears that this mood could move the consumers: to turn the back to US brands and instead prefer ‘national/European products’. This concern, which is expressed in the strategic report of the company, is listed as a central risk in addition to other challenges.
Despite these fears, Levi’s UK reported strong results for the financial year that ended on November 30, 2024. The company’s turnover rose by 8.8 percent to £ 96.8 million (around 111.3 million euros). Input tax increased by 23 percent to 9.6 million British pounds (around 11 million euros). The company said that the Levi’s brand had kept its attractiveness in the retail sector despite a tense consumer climate and declining customer frequency. However, Levi’s UK also found that ‘the frequencies in the shops stagnated or even declined’. The report also shows a decline in the number of employees. The average number of employees dropped from 1,857 in 2023 to 1,630 in 2024; a decline of over 200 jobs. The company attributes this to an increase in minimum wages, which ‘puts the profits of companies under pressure’.
The warning of the company against an anti-American mood reflects the global reactions to aggressive US trade policy. The document mentioned that geopolitical tensions, such as the war in Ukraine, have already led to interruptions in the supply chains. Ships had to be redirected, which led to higher costs and delays. Although the company has found paths to reduce these specific risks, the political risk that the mood of consumers: inside against American brands is a significant, albeit not currently quantifiable threat.
Future risk
The warning of anti -Americanism in the report is a remarkable admission. It establishes a direct connection between the policy of the US government and a potential risk of a US brand abroad. This is a decisive departure from purely economic or competitive risks. The profit and sales increases given by the company indicate that a possible anti-American mood had not yet significantly affected at the time of the report. The warning seems to be a predictive risk assessment that anticipates a possible future change in consumer behavior than to report on a current trend.
The concerns expressed by Levi’s are not alone. The aggressive trade policy of the Trump government, including the attempt to introduce Liberation Day ‘tariffs, triggered counter-reactions worldwide. Although a US Court of Appeal ultimately declared these tariffs illegal, their mere announcement and the associated rhetoric were sufficient to trigger a domino effect. In countries like Canada and India, consumers began to boycott the inside, American goods and instead buy local alternatives. This shows a concrete connection between political measures and consumers: internal behavior.
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