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Tiffany Feels Heat Over Trump Trade-War Talk
Jan 23, 2017 11:00 AM
By Rapaport News
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RAPAPORT... Tiffany & Co.’s sales could suffer if China retaliates
by boycotting American products in the aftermath of U.S. President Donald Trump’s protectionist
trade policies, Bloomberg reported.
In the 2016 holiday season, Tiffany’s sales in the
Asia-Pacific region jumped 7 percent to $200 million, outperforming the company’s U.S.
business, according to the retailer.
The company’s shares fell less than 1 percent in
U.S trading on Monday.
The luxury U.S. jeweler’s overseas revenues could come under
pressure if China fights back against the Trump administration’s border-tax proposal,
the news report cited Credit Suisse as saying. Other U.S. companies such as
sportswear brand Nike and car makers General Motors and Ford could also bear the
brunt of a potential trade war between the world’s two largest economies.
“Chinese consumers might decide to buy a German instead of a
U.S. car, or buy an Adidas shirt instead of a Nike shirt,” Bloomberg cited
Reto Hess, head of global equity research at Credit Suisse, as saying.
Image: Newscast
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Tags:
Asia-Pacific, China, Credit Suisse, Donald Trump, Far East, Rapaport News, Reto Hess, Tiffany, Tiffany & CO., trump
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