Apparel and footwear retailers could be hit especially hard by president-elect Donald Trump’s proposed tax plan, according to a note released on Monday by Wells Fargo retail analysts, which was detailed in a Barron’s blog.
Through tweets and advisors Trump has promoted a 35% tariff on imports, which would apply to U.S. retailers buying merchandise from overseas manufacturers. The Wells Fargo report found that Carters, Urban Outfitters, Under Armour, Fossil Group and Gap in particular would suffer, after accounting for imports, price and other factors.
