Macy’s has put Wall Street on notice that its profits would be jeopardised if President Donald Trump follows through on his latest tariffs threat in a sign of corporate America’s growing alarm over trade tensions with China.
The US retailer cautioned on Wednesday that its full-year target for sales and profits would be threatened if the administration imposed 25 per cent tariffs on a fourth wave of Chinese imports.
Jeff Gennette, chairman and chief executive, said that the most recent measures on $200bn worth of goods, set out last week, had “some impact” on Macy’s furniture business, but overall the retailer was managing with the existing tariffs.
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