Since the U.S. imports more than 98% of its clothing and about 99% of shoes (as reported by CNN), nearly every fashion item sold in the country, including at Old Navy stores, will be affected by tariffs.
Gap Inc., which owns Gap and Old Navy, said tariffs could impact the company’s gross incremental cost, per Retail Dive. And that increased cost could be reflected in higher prices at the register. Even though it’s been some time since the implementation of tariffs, they are still having lasting effects on retail prices, according to Econofact.
