From CNN Business:
New York (CNN Business) – America's top stores and consumer brands have avoided serious damage from the prolonged U.S.-China trade clash. But tariffs are starting to bite the retail sector.
Earlier this month, the Trump administration hiked tariffs to 25% on $200 billion worth of Chinese goods. The tariffs applied to consumer products such as luggage, mattresses, handbags, bicycles, vacuum cleaners and air conditioners. Additionally, the Trump administration has threatened to expand tariffs on Chinese imports to an additional $325 billion in goods – including toys, clothes, shoes and consumer electronics.
Although major retailers have developed strategies to blunt the impact of tariffs so far, they warned that the trade war is impacting business. Shoppers will bear many of those costs.
Walmart, Target, Home Depot, Kohl's, Macy's (M) and others said over the past week that the tariffs have forced them to either alter their financial outlooks, remodel carefully-crafted supply chains or consider raising price tags for customers.