Canadian apparel companies including Aritzia ATZ-T and Lululemon LULU-Q saw their stock prices slide Thursday as investors reacted to the sweeping new tariffs announced by U.S. President Donald Trump on Wednesday.
Aritzia was the biggest loser on the TSX, with shares down more than 20 per cent, while Lululemon shares were down almost 10 per cent on the Nasdaq.
Gildan GIL-T shares were down almost ten per cent on the TSX.
Trump unveiled 10 per cent tariffs on imports from most countries on Wednesday after markets closed, as well as additional tariffs for dozens of countries.
Canada was left out of the new tariffs but already faces duties on a variety of its goods including auto and steel and aluminum.
Economists have been sounding the alarm over Trump’s tariff policies, saying they are likely to lead to a recession.