10 Firms Take a Beating on Tariff Worries

6. The Gap Inc. (NYSE:GAP)

The Gap Inc. dropped its share prices by 20.29 percent on Thursday to end at $17.84 apiece as investors parked funds to mitigate the risks from looming higher costs brought about by the ongoing trade war.

GAP traded lower in line with the decline in the apparel industry following President Donald Trump’s “reciprocal” tariffs on imports, which includes major suppliers in the fashion industry.

Vietnam was slapped with a 46-percent tariff, Bangladesh, 37 percent; China, 34-percent tariff; and the EU, 20 percent.

Last month, GAP CEO Richard Dickson told Yahoo Finance that the company was monitoring the developments of tariffs “on an hourly basis.”

“We source less than 10 percent of our product from China and less than 1 percent of our product comes from Canada and Mexico combined. So our guidance contemplates what we know today regarding the tariff policy,” he was quoted as saying earlier.