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Shares of Walmart ( WMT ), Target ( TGT ), and other retailers sank Thursday after the Trump administration announced sweeping reciprocal tariffs against U.S. trading partners.

Shares of Best Buy, Dollar Tree ( DLTR ), Dollar General ( DG ), Costco Wholesale ( COST ), Five Below ( FIVE ), and Macy's ( M ) also lost ground amid a broader market decline , with Dollar Tree and Best Buy shares down over 11%, and Five Below shares tumbling 25% in recent trading.

President Donald Trump on Wednesday afternoon outlined a broad new set of tariffs against goods from dozens of countries , set to take effect April 9. A number of retailers like Target and Best Buy ( BBY ) have previously warned that such tariffs could negatively impact their profit margins unless they and their suppliers raise prices .

Amid uncertainty about the impact tariffs will have on the economy, The National Retail Federation on Wednesday projected retail spending growth could slow in 2025.

Several economists warned after Wednesday's announcement that the higher-than-expected tariff rates could lead to higher prices, while some suggested that the April 9 deadline leaves time for negotiations.

UPDATE—April 3, 2025: This article has been updated since it was first published to reflect more recent share price values.

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