Macy's is working closely with suppliers "on the potential impact to our shared customers," CEO Jeff Gennette said during the company's first-quarter earnings call.
"We feel like we're going to be able to come up with solutions that work best for us and our brand partners," he said.
But Yardeni Research isn't convinced Macy's can fully mitigate the impact of tariffs this year, particularly with its China exposure.
"Reading between the lines, it sounds like Macy's is hoping some of its suppliers will eat at least part of the expected price increases due to tariffs, some of the price increase will be borne by Macy's, and prices paid by consumers may rise on certain non-commodity items," the firm said.
Michelle Gass, the company's CEO, said earlier this week on the company's first-quarter earnings call that it is "planning the year more conservatively" due to the "soft" start.
The company cut its full-year earnings forecast, partly due to the recently hiked tariffs on its China-sourced home and accessories products, Yardeni Research pointed out.
"Our team is working hard to mitigate the impact of the tariffs while we seek to remain competitive by putting our customers first," Gass said.
"A significant portion of the products that we purchase, including the portion purchased from domestic suppliers, as well as most of our private brand merchandise, is manufactured abroad," Foot Locker said in its 2018 annual report released in April.
"We may be affected by potential changes in international trade agreements or tariffs, such as new tariffs imposed on certain Chinese-made goods imported into the US," the company said, before suggesting China or other countries may then retaliate with their own measures.
Earlier this week, Foot Locker and other shoe companies like Crocs, Nike, and Adidas wrote a letter to President Donald Trump, urging him to consider the "catastrophic" impact that tariffs on Chinese goods would have on American customers.
Sales in the US and Canada are expected to be flat to up 5% for this year, Cory Reed, the president of Deere's worldwide agriculture and turf division, said on the company's second-quarter earnings call last week.
"However, as near-term fundamentals have weakened, we anticipate large ag industry sales ton be on the lower end of that range, with Canadian demand turning negative due to adverse weather and currency fluctuations and further complicated by tariffs on certain crops such as canola and lentils," he added.
Nvidia is one of several chipmakers that has said its business has seen minimal impact from the US-China trade war.
"There is relatively little direct impact on us from the tariffs on China imports," CEO Jensen Huang said during the company's annual shareholder meeting earlier this week.
Still, he noted that "most" of the company's partners have moved — or are moving — their impacted assembly work to regions like Taiwan and Mexico.
"But the tariff war is obviously not good for anybody, and we hope the US and Chinese governments look for solutions that is wise and leads to fair trades, which is important to all of us," he said.
"I think my own view is that China and the US have this unavoidable mutuality where China only wins if the US wins and the US only wins if China wins, and the world only wins if China and the US win," CEO Tim Cook said during the company's second-quarter earnings call earlier this month.
Cook added: "I'm a big believer that the two countries together can both win and grow the pie, not just allocate it differently. And so that's our focus, and I'm optimistic that — I don't know every play by play that will happen, but over time, I think that view will prevail."
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