Why Apparel Companies Rocketed Higher This Week
Shares of apparel and consumer goods companies with significant exposure to China, such as PVH Corp. (NYSE: PVH), Revolve Group (NYSE: RVLV), and (NASDAQ: MAT), rallied hard this week, increasing 14.1%, 15.5%, and 16.5%, respectively, as of 12:30 p.m. ET Thursday, according to data from S&P Global Market Intelligence.
The U.S. and China held talks last weekend and on Monday announced that they would be removing retaliatory tariffs announced last month for 90 days while trade talks continue.
Following the April 2 "Liberation Day," in which the administration announced high additional tariffs on many countries, China took a retaliatory step of raising tariffs on U.S. goods, while also restricting trade of certain critical materials, such as rare earths. The escalation spurred fears of an intense trade war. By the end of the counter tariffs and then the administration's retaliation to China's retaliation, tariffs on Chinese imports reached 145%, and China's duties on U.S. goods reached 125%.
Source Fool.com
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