Nokia Corporation's recently appointed Chief Executive Justin Hotard said on Thursday that the company will consider expanding manufacturing in the United States to offset the impact of tariffs imposed by the Trump administration.

Speaking after the multinational reported its earnings for the first quarter, Hotard emphasized the importance of the US market for Nokia. He noted that the company estimates 90% of all communications in the US rely on its technology and said he would "absolutely entertain" expanding local manufacturing to provide "additional resiliency" against tariffs. "If there are opportunities to strengthen [U.S. manufacturing], in that it will help us drive growth in the market, that’s one of the things I'll look at," he added.

The telecom firm reported a 1% year-on-year decline in net sales for the first quarter, reaching €4.39 billion. Hotard also had warned in the report that the company currently expects a €20 to €30 million impact on its comparable operating profit in the second quarter due to existing tariffs.