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Retail stocks tank as companies could take the biggest hit from the next round of China tariffs

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Shares of retailers are tanking as they are seen as the biggest target in the new China tariffs.

President Donald Trump abruptly ratcheted up the trade war with China Thursday, announcing the U.S. is putting 10% tariffs on $300 billion worth of Chinese goods, effective Sept. 1.

Wall Street analysts said retailers are the most impacted by tariffs on the last tranche of Chinese imports. The SPDR S&P Retail ETF plunged more than 3%, on pace for the worst day since May. Best Buy, Office Depot and Abercrombie & Fitch all tanked about 10% following the news. The inside of Walmart's Intelligent Retail Lab in Levittown, New York, where the retailer is testing a slew of new technology.Shares of retailers are tanking as they are seen as the biggest target in the new round of China tariffs.

President Donald Trump abruptly ratcheted up the trade war with China Thursday, announcing the U.S. is putting 10% tariffs on $300 billion worth of Chinese goods, effective Sept. 1. Wall Street analysts that cover the industry had feared this development because the new tariffs will apply to a large swath of goods that they sell, raising their costs.

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Ask yourself:

Why, doesn't China pay for these tariffs 🤷‍♂️🤔

Scare tactics by Globalists

Move supply chains. The MSM and the Globalist can’t grasp that AMERICANS will pay a little more if it means more jobs. realDonaldTrump has exposed their sky will fall without China BS. The only thing that will fall is China

Something tells me these companies and their affected employees will not get bailouts from Trump.

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