Macy's Inc (M) CEO Jeff Gennette claimed that the recent hike in U.S. tariffs on Chinese goods will hurt Macy’s(as well as other private and national brands) furniture business. The announcement was made on Wednesday, May 15th.
U.S. President Donald Trump escalated the trade war by raising tariffs on $200 billion worth of Chinese goods to 25% from 10% last Friday, which is not the first time that the tariff raise is happening. This tariff hike was an additional one, to the already imposed 25% tariff on $50 billion worth of Chinese imports.
Shares of the company, which rose about 2%, fell 1%.