US retail and luxury stocks fall after new Trump tariffs

Shares of major U.S. retailers are down premarket after U.S. President Donald Trump imposes a raft of new reciprocal tariffs on Asian production hubs

Trump in his latest move said he would impose a 10% baseline tariff on all imports

He has targeted Vietnam with a 46% tariff rate, Cambodia with 49%, Bangladesh with 37% and Indonesia with 32% while China is now currently facing 54% tariffs on exports to the U.S.

Shares of retail giant Walmart WMT.N down 6.2% and big-box retailer Target TGT.N falls 4.7% premarket

Electronics retailer Best Buy BBY.N down 5% premarket and discount store Dollar Tree DLTR.O tumbles 10%

Luxury firms: Ralph Lauren RL.N down 9%, Tapestry TPR.N falls 8% and Capri Holdings CPRI.N down 4% premarket

Up to last close, S&P 500 Consumer Discretionary Distribution & Retail Index .SPXRT had fallen over 7%