July 22 (Reuters) - Packaging products maker Avery Dennison AVY.N forecast third-quarter earnings below Wall Street expectations on Tuesday, as uncertainty from U.S. President Donald Trump's fluctuating tariff policy mounts.

The Trump-led trade war has stoked inflationary challenges, causing an increase in raw material costs, while concerns around growth have made consumers cautious, which in turn has hurt demand for all industries, including packaging.

Avery, which caters to customers as diverse as retail giant Walmart WMT.N and Spanish soccer club Real Madrid, switched its full-year forecast with a quarterly outlook during the first quarter, citing macroeconomic uncertainty.

"While trade policy changes led to lower sourcing demand for apparel and general retail categories in the quarter, growth in our high-value categories and productivity in the base business offset the impact from tariffs," said Deon Stander, CEO.

Avery said it realized about $30 million in pre-tax savings from restructuring, net of transition costs during the first half of the year, and incurred roughly $13 million in pre-tax restructuring charges.

The Ohio-based firm, expects its third-quarter adjusted profit per share to be between $2.24 and $2.40, compared with the average of analysts' estimates of $2.41, according to data compiled by LSEG.

For the second quarter, it posted an adjusted profit of $2.42 per share, flat from a year earlier.

The overall second-quarter revenue fell nearly 1% to $2.22 billion from a year earlier.

(Reporting by Apratim Sarkar in Bengaluru; Editing by Leroy Leo)

((Apratim.Sarkar@thomsonreuters.com;))