Kohl's Corporation (KSS) saw its stock price plummet by 8.88% in pre-market trading on Friday, as U.S. retailers faced a significant sell-off following China's announcement of retaliatory tariffs. The Asian giant imposed a 34% import tariff on all U.S. goods in response to the "Liberation Day" levies implemented by President Donald Trump on Wednesday.
The new tariffs announced by Trump target key manufacturing hubs in Asia, including China, Vietnam, and Indonesia, which are crucial for products such as apparel, home goods, and electronics. This move has sent shockwaves through the retail sector, with several major players experiencing substantial declines in their stock prices.
Kohl's was among the hardest hit, with its 8.88% drop outpacing many of its peers. Other department stores also felt the impact, with Macy's shares down 3%. The broader retail landscape saw significant losses as well, with big-box retailers Walmart and Target down about 2% each, while electronics retailer Best Buy fell 5.3%. The S&P 500 Consumer Discretionary index, which includes many retail stocks, was down 3.3%, reflecting the sector-wide concern over the escalating trade tensions.
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