Macy's CEO Jeff Gennette warned that the Trump administration's new tariffs on Chinese goods will hit the retailer.
It "does have some impact, particularly on our furniture business," Gennette said of the administration's decision to raise tariffs Friday to 25% from 10% on around $200 billion worth of imported goods from China.
But Gennette said the "team anticipates that this can be mitigated."
If tariffs are placed on all Chinese imports, however, "that will have an impact on both our private and our national brands," Gennette said.
Macy's (M) has been working to move its private label product production out of China in recent years. But consumers will likely see prices go up if if tariffs are placed on all Chinese goods.
"It is hard to do the math to find a path that gets you to a place where you don't have a customer impact," he said.