00:00 Josh Lipton
Some of the big movers after a few hours include retailers. Yahoo Finance executive editor Brian Sozzi has seen several important names.
00:08 Brian Sotzi
Yeah, Josh, uh, ugly at the ugly time here. Walmart stocks over 4-4%. Amazon’s stock is being criticised at nearly 5%. For example, just lock in Walmart, Walmart. This is the company that has won the cost of products sold from China, or about 70% of the other products. Certainly, they have a large grocery business, but there are many, um, apparel, sneakers and belts. And of course, Amazon, um, the market sellers rely on China and the European Union. You heard a report from Jenn, where the European Union is slapped at 20% tariffs. China, 34%. This allows market sellers to quickly raise prices. It could also mean a pullback in demand. With both of these names, the holiday shopping season may not be good. But I’m holding an Air Jordan sneaker here. guess what? Made in China. Well, that’s why we see Nike share more than 6% on this news. Well, there’s a lot of pressure. Now they are also diversifying. They are not alone, they are diversified, um, in Vietnam. So, what do you guess? Vietnam, they were hit with 46% tariffs. So, all the retail executives who are telling me and are very excited, we are moving to Vietnam to save money. Well, there’s no luck. Well, you relied on Vietnam, you’ll be taxed more. Perhaps we need to drive price increases. This is a huge negative development for the apparel, uh, sneakers and handbag industries. Again, these Nike shoes and almost all of them are made in China.
02:36 Josh Lipton
Okay. Thank you, Sotzi. appreciate.
