Macy’s CEO expects trade war with China to impact ‘department store retailers’
Macy’s CEO Jeff Gennette is weighing in on newly the imposed Chinese tariffs.
Reacting to the Trump administration's decision to impose a fresh round of tariffs on Chinese goods, Gennette said the plan "has not gone the way we hoped it would,” according to a discussion with CNBC at the Code Commerce conference in New York on Monday evening.
On Monday, the Trump administration announced that it plans to move forward with an additional 10% tariff on $200 billion worth of Chinese goods by Sept. 24. Those taxes will rise to 25% Jan. 1.
"With the recent announcement even today, we do expect that there will be more tariffs. 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,” Gennette told CNBC.
To hear Gennette’s interview, click here.
Reacting to the Trump administration's decision to impose a fresh round of tariffs on Chinese goods, Gennette said the plan "has not gone the way we hoped it would,” according to a discussion with CNBC at the Code Commerce conference in New York on Monday evening.
On Monday, the Trump administration announced that it plans to move forward with an additional 10% tariff on $200 billion worth of Chinese goods by Sept. 24. Those taxes will rise to 25% Jan. 1.
"With the recent announcement even today, we do expect that there will be more tariffs. 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,” Gennette told CNBC.
To hear Gennette’s interview, click here.