May 21, 2019 / 12:36 PM / a month ago

J.C.Penney says more tariffs on China imports would hurt business

FILE PHOTO: An empty shopping cart sits in front of the J.C. Penney department store in North Riverside, Illinois, U.S., November 17, 2017. REUTERS/Kamil Krzaczynski/File Photo

(Reuters) - J.C.Penney Inc on Tuesday warned of a “meaningful impact” on its private and national brands from U.S. President Donald Trump’s potential fourth round of tariffs on Chinese imports.

Chief Executive Officer Jill Soltau said tariffs that have already come into effect have had a minimal impact on its business, but the company would continue to work on “de-risking efforts” with its suppliers.

Trump is expected to impose a 25% tariff on $300 billion worth of Chinese goods in an escalating trade war between Beijing and Washington.

Separately on Tuesday, J.C.Penney reported a bigger-than-expected fall in quarterly comparable-store sales, as they stopped selling major appliances and in-store furniture.

Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur

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