1254 ET - Retail industry stocks drop after President Trump implements 25% tariffs on goods from Mexico and Canada amid concerns about the effects that higher prices would have on consumer spending in the U.S. American retailers from Gap to Macy's are already being hit by the consequences of economic worries around discretionary spending, which could have an impact on higher-income consumers. Gap trades about 5% lower, with Urban Outfitters, Ralph Lauren, Macy's and Tapestry seeing their shares fall between 3% and 5%. (sabela.ojea@wsj.com; @sabelaojeaguix)
(END) Dow Jones Newswires
March 04, 2025 12:54 ET (17:54 GMT)
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