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Instead, new tariffs President Donald Trump slapped on some Chinese imports last month and fears that more could come in the escalating trade conflict between Washington and Beijing, had many investors bailing from the sector. Best Buy Co Inc and Walmart warned higher duties would put pressure on prices for U.S. consumers, while Macy's Inc and J.C. Penney Company Inc said their businesses would suffer if tariffs were extended to include apparel and footwear. "We have been watching this tariff story play out," said Tony Scherrer, director of research and a portfolio manager at Smead Capital Management.
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