Despite the talk about the parameters for trade deals, firms largely remain in the dark as they scramble to adjust sourcing strategies amid an evolving tariff landscape.

Second-quarter results for Adidas and Steven Madden Ltd. show tariff headwinds that are starting to impact the balance sheet. Moreover, the conclusion by the companies’ key executives reflect that near-term pressures will continue into the third quarter.

Adidas CEO Bjørn Gulden said the impact of all duties could increase the cost of goods sold by about 200 million euros. And while U.S. price hikes are likely, there’s the uncertainty over how much of how much of an increase the American consumer might be willing to accept. That leaves Adidas, and others, watching closely what their competitors are doing, possibly even following in their footsteps on how much to increase prices at retail.

Madden CEO Edward Rosenfeld cited canceled wholesale orders — footwear was down 7 percent — as one reason for the net loss that the company posted for the quarter ended June 30. But the company also faced shipment delays that led to lost sales. Even the quick move to get manufacturing out of China saw a return of some production back into China once tariffs were lowered to 30 percent from 145 percent, thanks to benefits that include on-time delivery. The shift out of China saw Madden move product to Brazil, but uncertainty over tariffs remains now that U.S. President Donald Trump is threatening a 50 percent tariff rate.

Needham apparel and footwear analyst Tom Nikic said Madden’s “downbeat Q2 results” reflect the challenging macro environment as tariffs pressure costs and weigh on demand from both wholesale and direct-to-consumer customers. While earnings per share were in line with Wall Street’s expectations, revenue growth of 7 percent was below the 11 percent consensus forecast of analysts, even with the benefit of the firm’s Kurt Geiger acquisition.

Jefferies analyst Corey Tarlowe noted that for Madden, tariff uncertainty in Mexico also complicates sourcing diversification.

Adidas and Madden aren’t the only two footwear firms facing an uncertain and evolving operating backdrop. More details on the tariff impact will be forthcoming as other public footwear firms post earning results and company executives elaborate on specifics in conference calls.

Coming up over the next few days will be word on whether Trump approves another 90-day extension of the tariff between the U.S. and China that’s set to expire on Aug. 12. And in two days, there should be word on whether the U.S. and Cambodia have reached an agreement on the parameters for a trade deal. Cambodia is a growing player in footwear production.

Perhaps no longer a question mark is India, also a shoe-producing country. Trump on Wednesday hit India with a 25 percent tariff rate starting on Friday. He also threatened an additional penalty because of India’s energy purchases from Russia. Even though he has said the two were close to a deal, an agreement thus far has not materialized. That could still change with two more days to go, especially if the new threat is just another political positioning tactic as Trump tries to push talks along before Friday’s deadline.