Minnesota corporations rally after tariff pullback
Add Axios as your preferred source to
see more of our stories on Google.
Most of the Minnesota Fortune 500 public companies that took the biggest hit on the stock market after President Trump's April 2 tariff announcement have rebounded beyond pre-"Liberation Day" levels.
Why it matters: Trump's tariffs on China — which on Monday he rolled back from 145% to 30% for 90 days — had raised fears of supply shortages, layoffs and higher prices, including at Minnesota's largest companies.
- Target's Brian Cornell was among the retail CEOs who warned Trump of empty shelves if the tariffs remained in place.
Zoom in: Best Buy, whose shares were hit hardest by the tariff announcement, has nearly recovered from the 16.8% tumble it took between April 1 and April 7.
Yes, but: The combination of the 30% China tariff and pre-existing tariffs "will still make for an expensive back to school and holiday season for most Americans," American Apparel and Footwear Association CEO Steve Lamar said in a statement.
- "If freight rates spike due to the tariff-induced shipping disruptions — which will take months to unwind — we could see costs and prices creep up even further," he added.
Editor's note: This story has been corrected to reflect that the share price of most (not seven out of eight) Minnesota Fortune 500 companies has rebounded, and that Best Buy's has nearly recovered from its tumble (not risen 5.9% above its pre-tariffs level).
Go deeper: Trump's China trade deal resets the board