Macy's CEO Gennette says China tariffs situation 'has not gone the way we hoped' [CNBC]
Macy's Inc (M)
Last macy's inc earnings: 2/25 06:55 am
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Source: CNBC
show chapters Macy's CEO Jeff Gennette said the Trump administration's decision Monday to impose a fresh round of tariffs on Chinese goods has not gone the way we hoped it would. The department store chain has been working with suppliers in Asia to prepare for potentially higher tariffs in the administration's escalating global trade war, he told CNBC's Courtney Reagan at the Code Commerce conference in New York Monday evening. President Donald Trump announced plans to impose 10 percent tariffs on $200 billion worth of Chinese imports starting Monday, saying the country's trade practices pose a grave threat to the long-term health of the U.S. economy. Those duties will rise to 25 percent Jan. 1. Even with the recent announcement even today, we do expect that there will be more tariffs, Gennette. It's going to start to affect a department store retailer more significantly because of the apparel pieces that are going to be part of it. The N
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