U.S. companies highlight potential impact of tariffs as Beijing ramps up rhetoric

American companies spoke about the impact of President Donald Trump's trade war with China during a post-earnings conference on Tuesday.

"In looking ahead, we do anticipate a more meaningful impact on both our private and national brands if the potentials fourth tranche of tariff does go into affect on all Chinese imports," J.C. Penney CEO Jill Soltau said on the conference call. Should these new tariffs hold, it will be an incremental $1 billion, still less than one percent of total sales.

"We are here at the starting point of the Long March to remember the time when the Red Army began its journey," Xi said at a rally in the Jiangxi province, the South China Morning Post reported."We are now embarking on a new Long March, and we must start all over again." The remarks came after other powerful U.S. businesses on Monday issued a letter about the impact of new tariffs. Over 170 shoe retailers urged president Trump to refrain from levying additional tariffs on Chinese imports. Nike, Adidas and Foot Locker, among many other prominent brands, wrote a letter to the president describing the impact of his proposed tariffs as"unfathomable."

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Cramer: US companies are getting hurt by tariffs because 'they didn't think Trump had the resolve'Some American companies 'let themselves get hurt' by tariffs because they assumed Trump wouldn't follow through on his China trade threats, CNBC's Jim Cramer says. Oh Jim... To be candid, investors thought the same thing and I don’t see this group yet being hurt. I don’t think many really expected this type of escalation. Kudos to those that did and for the companies that adjusted. Or they didn’t realize that he really is as stupid as he sounds
Source: CNBC - 🏆 12. / 72 Read more »