Headlines

Tariffs Drive Retail Stocks Down

The tax to affect more than $40 billion of imported products

Published

5 years ago

May 13, 2019

VMSD Staff

The S&P Retailing Index fell 3 percent last week on news of tariff increases on billions of dollars of imported Chinese goods, reports The Wall Street Journal. Shares of Macy’s fell 3.4 percent and J.C. Penney and Ralph Lauren slid a full 5 percent after the announcement.

The tariffs, which took effect on Friday, are applied to consumer products like apparel, handbags, luggage and furniture. With many retailers reporting earnings this week, investors are eager to hear how they plan to absorb 25 percent tariffs on more than $40 million worth of goods imported from China and purchased by U.S. consumers.

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