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US retail stocks drop on new China tariffs

U.S. retail stocks fell Aug. 1 after President Donald Trump announced new tariffs on Chinese imports.

Trump tweeted earlier the same day that his proposed 10% tariff on $300 billion of Chinese goods will go into effect Sept. 1. He also accused Beijing of not following through on its prior commitments to ease the escalating trade war between the two countries.

The new batch of tariffs targets a wider range of consumer goods including smartphones, laptops, toys, video games and clothes.

Shares of fashion specialty retailer Nordstrom Inc. closed down 6.89% to $30.83, while J. C. Penney Co. Inc.'s shares ended down 9.01% to 72.38 cents.

Meanwhile, shares of apparel retailer Gap Inc. closed down 7.9% to $17.96, while Abercrombie & Fitch Co. was down 11.2% to $16.81 at the closing bell.

Best Buy Co. Inc.'s shares closed down 10.79% to $68.27, while Office Depot Inc.'s shares closed down 8.33% to $1.87.

Shares of other retailers including Kohl's Corp., American Eagle Outfitters Inc., Macy's Inc. and Target Corp. closed down more than 4% on Aug. 1.

"We are disappointed the administration is doubling down on a flawed tariff strategy that is already slowing U.S. economic growth, creating uncertainty and discouraging investment. These additional tariffs will only threaten U.S. jobs and raise costs for American families on everyday goods," the National Retail Federation said in a statement. "The tariffs imposed over the past year haven't worked, and there's no evidence another tax increase on American businesses and consumers will yield new results."