Big retailers may get smacked hard by tariffs
Tariffs will likely take a big toll on popular consumer and retail companies.
The stock market fell 1.7% on Monday after President Trump revealed tariffs on imports from China, Canada, and Mexico would kick in at midnight.
The news dashed hopes for a last-minute reprieve to prevent tariffs from increasing the cost of products brought in from these countries. The resulting worry is that absent a reversal of policy, corporate profits could take a hit as companies struggle to pass on higher costs to already cash-strapped consumers.
