(Reuters) -General Mills ( GIS ) forecast annual profit below expectations on Wednesday, as the Pillsbury-owner was weighed by weak demand for its refrigerated baked goods and snacks in the U.S. in a tariff-driven, uncertain macroeconomic background.

Economic uncertainty arising from President Donald Trump's shifting tariff policies have weighed on consumer spending in the U.S., challenging General Mills' ( GIS ) efforts to drum up sales.

The company has been trying to boost demand through new products, such as a fresh version of its Blue Buffalo pet food for dogs, but investments in marketing and acquisitions are seen taking a toll on its margins.

The company expects full-year adjusted profit to be in the range of down 10% to down 15%, compared to analysts' estimates of a 4.8% decline, as per data compiled by LSEG.

Shares of the Cheerios-maker were down nearly 2% before the bell.