Retail Stocks Hit Hard As Trump Announces New China Tariffs

Retail stocks, including Best Buy and Gap, plunged Thursday afternoon after President Donald Trump abruptly ratcheted up the trade tension with China. Trump announced earlier that the U.S. will impose 10% tariffs on another $300 billion worth of Chinese goods starting from September 1. Investors are worried that retailers that sell many of the consumer-facing products will be hurt the most as the margins get eroded from the higher cost. Consumer categories that would be impacted by the new round of tariffs include electronics, apparel, footwear, and toys. Read more at Barron’s.