Execs starting to worry about tariffs’ effects on consumers
Americans continue to shop, vacation and buy cars at a brisk clip. But corporate America is starting to worry out loud that President Donald Trump’s tariffs will depress consumer spending and undermine the economy. Home Depot, the nation’s largest home improvement chain, said as much on Tuesday, when it reported higher-than-expected profits for the quarter but cut its sales expectations for the year, citing the tumbling price of lumber and the “potential impacts to the U.S. consumer arising from recently announced tariffs.” That marked at least the second time in a week that retail executives raised the fear that consumers might pull back on spending. “If trade policy tensions ease and the labor market remains solid, we would likely see a rebound in consumer sentiment,” said Jesse Edgerton, a senior economist at JPMorgan Chase. The administration was also mindful that the latest round of tariffs would raise consumer prices during the crucial holiday shopping season, so it delayed nearly 60% of them until Dec. 15.
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