The Associated Press reports:
Macy’s customers may start to feel the impact of President Donald Trump’s trade war with China. The administration is preparing to extend the 25% tariffs to practically all Chinese imports not already hit with levies including toys, shirts, household goods and sneakers, which furnish Macy’s behemoth stores.
Macy’s CEO Jeff Gennette told investors Wednesday the higher levies on furniture will have some impact on the department store business, but it can be mitigated.
But he says if the potential fourth wave of tariffs are placed on imports, that could mean higher retail prices for both store label and national brands. “Looking at all those categories and those brands that are included, it is hard to do the math to find a path that gets you to a place where you don’t have a customer impact,” Gennette said.