Meanwhile, President Donald Trump has threatened to slap 25% tariffs on another $325 billion in Chinese goods that still remain untaxed, after Friday's hike. And that list of goods includes apparel, toys and footwear.
Tariffs in the U.S. have increased to 25% from 10% on $200 billion worth of Chinese goods, including on things most American shoppers buy for their homes, like furniture and electronics.
Home Depot shares were down more than 1% Friday morning, Best Buy's stock was falling about 3%, and Lowe's stock was down more than 1%. Shares are Tractor Supply were marginally lower, as the S&P 500 Retail ETF was down nearly 2%. "Many retailers had already been making changes in order to mitigate any potential impact from a move to 25%, but these efforts may have been put on hold given [recent] progression of trade talks," Goldman Sachs analyst Christopher Prykull said in a research note this week.
This could trickle down to sneaker makers including Nike and Under Armour. The U.S. imported $11.4 billion worth of footwear from China in 2018, according to the U.S. Census Bureau. According to a report by the Trade Partnership, the 25% tariff on $200 billion worth of Chinese goods will cost the average American family of four $767.
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