特朗普新关税方案低于服装零售商最坏假设，缓解进口成本担忧

Clothing manufacturers that rely on overseas labor are breathing a sigh of relief as President Trump unveiled import tariffs that were largely in line with expectations.
To replace tariffs imposed under the International Emergency Economic Powers Act (IEEPA) that expired at 12:01 am on July 24, the Administration slapped 60 countries with tariffs of 10% to 12.5% for their failure to prevent and enforce a ban on forced labor.
“President Trump recognizes that decades of moral suasion have not eradicated forced labor from global supply chains. The United States has had a forced labor import ban for nearly a century and rigorously enforces it; it’s well past time for our trading partners to do the same,” said U.S. Trade Representative Jamieson Greer.
The ruling will impose a 10% import tariff on goods—excluding oil, gas, fertilizer, and certain food items—from many Central and South American countries, as well as those responsible for much of the production of merchandise from large U.S. businesses including Nike (NKE), PVH (PVH), Levi Strauss (LEVI), and Lululemon (LULU).
A tariff of 10% or 12.5% net of the Most-Favored-Nation rate has been imposed on goods from the EU, Taiwan, Japan, Korea, and Switzerland, while 12.5% applies to merchandise imported from all other investigated economies.
To mitigate the impact on their bottom line from the higher cost of imports, companies like Abercrombie & Fitch (ANF), Target (TGT), Walmart (WMT), and Best Buy (BBY) raised prices while still bracing for the full impact from U.S. trade policy on year-end results. Many located alternative sources but absorbed higher supply chain costs, such as RH (RH) which realized an increased cost of $75M in tariff-related resourcing.
Crucially, the majority of FY26 projections incorporated 10% to 12% tariffs for the remainder of the year once the initial IEEPA tariffs expired.
“Tariffs remain a dynamic cost headwind that we expect to continue looking forward,” Nike CFO Matthew Friend said on the company’s fiscal fourth quarter earnings call.
For Levi Strauss (LEVI) the company assumed a worst-case scenario for FY26 guidance modeling 30% tariffs on Chinese imports and 20% for the rest-of-world. With the new rates set at 10% to 12.5% for China and 10% for the rest-of-world, the improved outlook was reflected in a 2% gain for Levi Strauss (LEVI) shares on Friday.
With the tariff rates now largely defined, retailers and apparel companies have greater visibility into import costs for the remainder of the year, allowing them to better plan pricing, sourcing, and earnings expectations.
Accordingly, the Consumer Staples and Consumer Discretionary ETFs are both higher Friday.