Hours after President Trump said Sunday he had "second thoughts" about escalating the trade war with China, the White House sought to explain his remark because it was...Politicsread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
President Donald Trump said that he would have a major trade deal with U.K. after it leaves the European Union.Politicsread more
Despite Kudlow's expectations, China said on Saturday that it strongly opposes Trump's decision to levy additional tariffs on $550 billion worth of Chinese goods, and warned...Politicsread more
President Donald Trump said Sunday he was not happy after North Korea launched short-range ballistic missiles over the weekend.Politicsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Macy's CEO Jeff Gennette says an increase in tariffs to 25% on $300 billion in Chinese goods that's still being considered by the White House, which would impact apparel and footwear, would likely trickle down and hit consumers.
"When you do the math, it's hard to find a path through that wouldn't impact customers," he said. "It will affect a lot of apparel and accessories categories," for both Macy's in-house brands and national labels, Gennette added. It would be hard for Macy's to get to a place "where you don't have a customer impact," he reiterated.
He made the comments after Macy's reported first-quarter earnings that topped analysts' expectations. But sales fell from a year ago, as Macy's is still struggling — like many apparel-focused and mall-based retailers — to find ways to draw shoppers into stores, when they could just buy from Amazon.
Gennette went on to explain that the latest tariff hike, to 25% from 10%, on $200 billion worth of Chinese goods put into effect last Friday will hurt its furniture business, albeit not drastically.
"We have strategies to mitigate [the impact on shoppers]," he said. "We think those strategies will limit customer concern."
Macy's on Wednesday reaffirmed its profit outlook for 2019. But another round of tariffs could change that.
"This potential fourth tranche of tariffs was not contemplated when we provided the annual guidance," Gennette told analysts during a conference call.
Macy's shares, which initially surged 7% in premarket trading Wednesday, were last up about 1.5%.