โIt would be also Samsung and anybody that makes that product,โ Trump said. โOtherwise, it wouldnโt be fair.โ
Trump has been criticizing companies individually when heโs frustrated with how theyโre acting because of his tariffs and because of the uncertainty his trade war has created. He earlier told Walmart it should โeat the tariffs,โ along with China, after the retailer said it would likely have to raise prices to cover the increased cost of imports.
Deckers Outdoor, the company behind the Hoka and Uggs brands, became one of the latest companies to say all the uncertainty around the economy means it wonโt offer financial forecasts for the full upcoming year. Instead, it gave forecasts only for the upcoming quarter, and they fell short of analystsโ expectations for revenue and profit.
That sent its stock down 19.9 per cent, even though the company reported a stronger profit and revenue for the latest quarter than expected.
Ross Stores fell 9.8 per cent after it pulled its financial forecasts for the full year, citing how more than half the goods it sells originate in China. โAs such, we expect pressure on our profitability if tariffs remain at elevated levels,โ CEO Jim Conroy said.
The off-price retailer gave a forecast for profit in the current quarter that included a hit taken from tariffs, and it fell short of analystsโ expectations. That dragged its stock down even though the company also reported a better profit for the latest quarter than expected.
On the winning side of Wall Street was Intuit, which rose 8.1 per cent after the company behind TurboTax and Credit Karma reported a stronger profit for the latest quarter than analysts expected. Perhaps more importantly, Intuit also raised its forecasts for revenue and profit over its full fiscal year.
Stocks in the nuclear industry also rallied after Trump signed executive orders to speed up nuclear licensing decisions, among other measures meant to charge up the industry. Oklo, which is developing fast fission power plants, jumped 23 per cent.
All told, the S&P 500 fell 39.19 points to 5,802.82. The Dow Jones Industrial Average dropped 256.02 to 41,603.07, and the Nasdaq composite sank 188.53 to 18,737.21.
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Trumpโs latest tariff threats stirred up Wall Street after it had recovered most of the losses it had earlier taken because of the trade war. The S&P 500 dropped roughly 20 per cent below its record at one point last month, when worries were at their height about whether Trumpโs stiff tariffs would cause a global recession. The index then climbed back within 3 per cent of its all-time high after Trump paused his tariffs on many countries, most notably China.
In the bond market, Treasury yields fell after swinging back and forth a few times. The yield on the 10-year Treasury eased to 4.51 per cent from 4.54 per cent late Thursday.
It had been running higher earlier in the week, in part on worries about how Washingtonโs efforts to cut taxes could add trillions of dollars to the US governmentโs debt.
In stock markets abroad, indexes were mixed in Asia, where markets closed before Trump issued his latest tariff threats. Tokyoโs Nikkei 225 rose 0.5 per cent, while stocks fell 0.9 per cent in Shanghai.
AP
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