"Tariffs don't matter because they are such a small % of retail price. On the few items where import cost is a high % of retail price, the tariffs can and do matter, but those are the exception, not the rule.

Those $100 Nikes cost about $4 at import. That $29 six pack of underwear or socks costs about $1 at import. Import cost of jewelry is well below 10% of retail. Auto parts are in that neighborhood as well, like brake pads, etc.

So even if you slap a 50% tariff on the import cost for one of those items, and even if half or a little more of that tariff gets passed through to the consumer, the impact on retail price is very small.

The big impact on Wall St will be when the buyers of Nikes push back and refuse to pay $100 for $4 sneakers. Is Michael Jordan's name on them really worth that much? But thankfully for big business, the US has an endless supply of stupid consumers."