- Retail stocks surged when the Trump administration announced that some goods wouldn’t be subject to tariffs until December — not September, as originally planned.
- Industry watchers had expected that the latest round of tariffs would weigh heavily on the retail sector and consumers.
- Here are 7 retail stocks that jumped more than 5%.
- Read more on Markets Insider.
Retailers caught a break Tuesday when the United States Trade Representative announced that certain consumer goods would be exempt from the latest round of tariffs on Chinese imports.
Shares of prominent retailers jumped more than 5% on the news.
Exempt products include cell phones, laptop computers, game consoles, computer monitors, toys, and certain footwear and clothing items. Products on the excluded item list will not be subject to the 10% tariff until December 15 while items not on the list will be taxed as scheduled starting in September.
"Certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent," the US Trade Representative said in a statement.
President Trump announced that the last round of tariffs would begin on September 1, and would include a 10% tax on an additional $300 billion Chinese goods that included the most consumer goods yet.
Retailers and those invested in retail companies had been bracing for the impact. Analysts at UBS and Credit Suisse estimated that the tariffs would have a broad impact not only on company earnings, but also consumer purchasing power, which would have a negative impact on the entire sector.
Here are seven retail stocks that gained more than 5% Tuesday, ranked from lowest gains in share price to highest. All share moves are as of noon ET.
Tuesday surge: 5.03%
Tuesday surge: 5.03%
Business Insider/Jessica Tyler
Tuesday surge: 5.06%
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