Tariffs will cost Gap up to $150 million
CNN
Tariffs are slamming Gap.
Tariffs are slamming Gap. Gap said Thursday that if President Donald Trump’s 30% tariffs on China and 10% duties on most imports from other countries remain at current levels, it could cost the company $100 million to $150 million this year. Gap (GAP) stock plunged 15% during after hours trading Thursday. Developments around Trump’s tariffs are in flux, making it difficult for businesses to plan. A federal appeals court on Thursday paused the previous night’s ruling from the Court of International Trade that blocked many of Trump’s tariffs. Tariffs have clouded a strong comeback at Gap, which also owns Old Navy, Banana Republic and Athleta. The company’s sales at stores open for at least a year increased 2% last quarter, the fifth consecutive quarter. In an interview with CNBC, Gap CEO Richard Dickson said that Gap will not raise prices significantly from tariffs.
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