Walmart, Target, Nike stocks drop as sweeping reciprocal tariffs are expected to hike consumer prices

While retailers like footwear giant Nike (NKE) and big box chain Walmart (WMT) have been prepping for months, there’s no avoiding the hit from tariffs. On Wednesday afternoon, President Donald Trump announced a baseline tariff of 10% for all countries, effective Apr. 5. Another 60 countries will receive additional levies on top of the rate, effective Apr. 9. The list of 60 include Vietnam (46%), China (34%), Indonesia (32%), and the European Union (20%). Shares of retail giants like Nike, Walmart, Target (TGT), and Dollar Tree (DLTR) are falling in after-hours trading. “The comprehensiveness of the new tariff regime is…