Macy’s CEO expects trade war with China to impact ‘department store retailers’

9/18/2018
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.
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