Markets, companies and economists are keeping a watchful eye on President Donald Trump’s fickle tariff plans. But so far the proposed tariffs against Canada, Mexico and China aren’t expected to have a significant impact on one of Baltimore’s most recognizable brands.

Of Under Armour’s imported goods, about 3% come from China, even less from Mexico and none from Canada, said David Bergman, Under Armour’s chief financial officer, in an earnings call Thursday.

“The current tariff proposals are not expected to impact our business significantly,” he told analysts in the quarterly call. “However, we will stay vigilant, and if these parameters change or additional countries are included in this tariff program, we will promptly reassess accordingly.”

Like most American apparel companies, Under Armour imports the vast majority goods it sells domestically. Lance Allega, senior vice president of investor relations, declined to specify which countries are its leading manufacturers “for proprietary and competitive reasons,” but said in an email that “we are well diversified across our supply chain globally.”

Products sold in the U.S. come from more than 15 countries, Allega said.

Since taking office in January, Trump has enacted sweeping executive orders and administrative actions, including a 10% tariff on Chinese imports. He has also levied a 25% tariff on goods from Mexico and China, but agreed to a 30-day delay, meaning those won’t take effect until March at the earliest.

Though some American manufacturers are expected to benefit from the tariffs, economists have long warned against their snowballing effects. China, Mexico and Canada are the U.S.‘s top three trade partners, and those countries account for roughly a quarter of all tonnage shipped to the Port of Baltimore. Tariffs could slow activity at the port, an economic engine for Baltimore and the region.

In 2019, Under Armour was among companies that wrote a letter to Trump, then in his first term as president, urging him not to place a tariff on footwear products made in China.

During its earnings call Thursday, Under Armour noted its operating loss for the 2025 fiscal year is expected to be between $179 million and $189 million. The company reported a 6% decline in revenue during its most recent quarter, ending Dec. 31.

That drop, however, was not as significant as the company had previously projected. The Baltimore-headquartered brand has struggled in recent years but is in the midst of an effort to revamp its image.

“Our strategies to reposition the Under Armour brand are gaining traction,” founder and CEO Kevin Plank told analysts Thursday.

As Plank has often done since returning as CEO last year, he pitched his company as scrappy and well-positioned for a renaissance. Under Armour is establishing an “underdog muse” in telling consumers about its products, he said.

The company is significantly smaller than footwear and apparel giants like Nike, which generates 10 times the annual revenue of Under Armour. Plank sought to characterize his company’s size as an advantage.

“We are fortunate to be bigger than the new, trending brands, yet more agile than the bigs,” he said.

He pointed to a January ad featuring the comedian Shane Gillis and UA-branded Notre Dame, which aired ahead of the Fighting Irish’s loss in college football’s national title game, as an example of the company’s marketing success. He also applauded strong seasons from sponsored football players, including Zay Flowers and Kyle Hamilton of the Ravens.

“We expect to build on our NFL roster going forward,” he said.

Under Armour’s strategy will “take time,” Plank said. One analyst noted that, as compared to his previous stint as Under Armour’s top executive, Plank appears to be more “patient.” Plank said that’s intentional.

“Hopefully, we can apply a little bit of wisdom to this chapter,” he said.