Macy’s CEO says tariff escalation could hurt business

Macy’s Inc said on Wednesday the latest tariffs on Chinese imports by Washington are hitting its furniture business and warned investors that additional levies would leave its clothing and accessory categories vulnerable as well.

The largest U.S. department store operator is one of the first to comment publicly on the damage that U.S. President Donald Trump imposing tariffs on all remaining imports from China, another $300 billion worth of goods, could have on business.

In Macy’s case, the potential tariffs would impact both its private and national brands, Gennette said.

Gennette said any escalation of tit-for-tat tariffs was not factored into the company’s annual outlook and that the company would do what it could to minimize the effect on customers.

The executive said the company had worked hard to reduce reliance on Chinese suppliers.

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