Victoria's Secret got whacked by Trump's tariffs. Here's why fashion stocks are suffering.
- Stocks plunged on Monday after China announced it would slap tariffs on US goods in response to higher US duties on Chinese goods.
- Fashion stocks including Victoria's Secret-owner L Brands, Gap, and Abercrombie & Fitch were among the biggest decliners due to their dependence on Chinese suppliers and consumers.
- Markets Insider looked at the exposure of seven fashion stocks to the US-China trade war.
- Watch L Brands, Tapestry, Abercrombie & Fitch, Guess?, Ralph Lauren, Tiffany's, and Gap trade live.
US stocks plunged on Monday after China announced it would slap tariffs on $60 billion of US goods starting in June. The move was in retaliation to the Trump administration raising duties to 25% on $200 billion worth of Chinese products last Friday, and threatening to expand tariffs to a further $300 billion of goods within the next month.
Fashion companies including Victoria's Secret-owner L Brands, Tiffany & Co., Abercrombie & Fitch, Guess, Ralph Lauren, Gap, and Tapestry - which owns Kate Spade and Coach - saw their shares plummet more than 5%.Here's why investors are worried about those companies: