Mass merchants including Home Depot, Lowe's, Best Buy, Dollar Tree and Tractor Supply are believed by retail analysts to be most negatively impacted by the latest round of tariffs, which hits furniture more than anything else in the industry.
Walmart, the biggest retailer in the world, had said in a letter to U.S. Trade Representative Robert Lighthizer last fall that a 25% hike on tariffs, in consideration by the Trump administration at the time, would present a "serious burden" toward lower-income families.
According to a report by the Trade Partnership, the 25% tariff on $200 billion worth of Chinese goods will cost the average American family of four $767.
"Tariff increases and new tariffs will mean higher costs for U.S. businesses, higher prices for American consumers and lost jobs for many American workers," the vice president of supply chain and customs for the National Retail Federation, Jonathan Gold, said.
Many retailers — including Home Depot, Lowe's, Best Buy and Walmart — are set to report quarterly earnings in the coming weeks, where management teams will surely be asked by analysts how they're addressing the additional tariffs and the threat of more.