When retail executives start swearing during earnings calls, something is clearly amiss. That’s what happened recently when the CEO of United States-based luxury furniture retailer Restoration Hardware saw his company’s share price plunge by more than 25% in after-market trading.
The cause? Donald Trump had just declared “Liberation Day”, announcing sweeping new tariffs on nearly all imports. For companies like Restoration Hardware – which rely on suppliers in China and Vietnam, and now face tariffs of over 50% – the impact was immediate: higher costs, disrupted supply chains and enormous uncertainty.
