Retailers Fear for the Industry as New Chinese Tariffs Are Announced
Retailers saw their stocks fall after the Trump administration announced new tariffs: 10% on an additional $300 billion worth of goods from China. Analysts and associations spoke up, saying retailers and the consumers they serve would take a “direct hit” from the tariffs. Among the retailers who saw immediate fallout from the news were Best Buy, Office Depot, and Abercrombie & Fitch, all of whom saw their stocks fall about 10%.
“The list of products these tariffs will hit are almost entirely consumer oriented,” said the Retail Industry Leaders Association in a statement. “This new 10% tariff on Chinese imports is a direct hit on consumer products and family budgets, plain and simple.”