PVH Corp (PVH), the parent company of popular fashion brands Calvin Klein and Tommy Hilfiger, saw its stock plummet over 5% in pre-market trading on Tuesday following China's retaliation against the latest round of US tariffs.
The sharp selloff comes after China's Commerce Ministry added PVH to its "unreliable entity list," citing concerns over national sovereignty, security, and development interests. The move is seen as a direct response to the US imposing a new 10% tariff on all Chinese imports, which took effect at midnight on Tuesday.
In addition to targeting PVH and biotechnology firm Illumina, China unveiled a range of retaliatory measures aimed at American businesses and products. These include new tariffs of 15% on US coal and liquefied natural gas imports, and 10% duties on crude oil, agricultural machinery, and some vehicles from the US, effective February 10th.
The Chinese government also announced it is launching an antitrust investigation into Google over alleged anti-monopoly violations and imposing export controls on critical metals like tungsten used in electronics and military equipment.
Analysts view China's response as a carefully calibrated move intended to signal retaliation without drastically escalating the trade war further. "This can be interpreted as a warning shot to US enterprises with a high dependency on China's market," said Lynn Song, chief economist for Greater China at ING Bank.
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