Jump directly to the content
Search

MORE SECTIONS

MORE FROM THE SUN

NewsReal EstateRetailTips
BUYER BEWARE

Former Home Depot CEO’s blunt seven-word warning to shoppers after market crash

Plus, details on the potential 104% tariff China could face

THE former CEO of Home Depot has a firm message for American consumers amid the stock market's struggles.

Some economists warned of the downturn as a direct cause and effect of President Donald Trump's tariff policies.

Bob Nardelli at Fox Business Network Studios.
2
Ex-CEO Bob Nardelli (pictured) has issued a warning to shoppersCredit: Getty
AUSTIN, TEXAS - FEBRUARY 20: A customer walks through The Home Depot store on February 20, 2024 in Austin, Texas. Home Depot has reported positive earnings and revenue, beating analysts expectations. The growth comes even as quarterly sales have dropped nearly 3 percent year over year. The company is expecting sales to increase by 1 percent in fiscal 2024. (Photo by Brandon Bell/Getty Images)
2
Nardelli helmed Home Depot for over six years until 2007 (stock image)Credit: GETTY

Earlier this month, Trump confirmed the "reciprocal" tariffs on imports from about 90 different nations, per CBS News.

The President dubbed it "Liberation Day" as he said the taxes are needed to eliminate a trade deficit between the United States and all the countries on the list.

Several only face a universal 10% tariff across the board, while others have higher percentages for specific areas.

Unease over the move from the Trump administration radiated through the stock market over the past few days, with the Dow Jones Industrial Average falling 349 points on Tuesday, per AP News.

Read More on Home Depot

SO MUCH SHED

We bought a Home Depot $30k shed and transformed it into a 2-bedroom tiny home

GARDEN GEAR

Home Depot is selling gardening accessory that's $66 cheaper than Target

Companies like Coca-Cola and toy manufacturer Mattel have even recently been considering serious measures in preparation for taxes on imports.

CEO'S TAKE

Former Home Depot CEO Bob Nardelli said the abrupt adjustments from retailers and businesses, the stock market plummet, and overall unease over President Trump's tariffs is an "over-reaction" while speaking with Fox News.

Nardelli warned Americans that "we've become a society of instant gratification" and that the positive effects of the tariffs on the economy would take time to come to fruition.

"We saw the early tariffs on Mexico and Canada, and as a result, we saw border closings," the ex-CEO explained.

Most read in Money

Americans to get SNAP checks up to $1,756 in days – how to track your payment
PAY DAY

Americans to get SNAP checks up to $1,756 in days – how to track your payment

Healthcare giant files for bankruptcy, shuts 2 hospitals relocating thousands
CARE CRISIS

Healthcare giant files for bankruptcy, shuts 2 hospitals relocating thousands

Walmart to get upper hand as two rivals eye shutting nearly 100 stores
WALMART WINS?

Walmart to get upper hand as two rivals eye shutting nearly 100 stores

Sam's Club responds as fans fear payment method will vanish in checkout change
CALM DOWN

Sam's Club responds as fans fear payment method will vanish in checkout change

"We saw a repatriation of the criminals and illegal aliens that came in here. People were very happy about that."

"Here we see another move by this president to really level the playing field, and we're seeing over-reaction in my opinion," he continued.

Trump team blasts '90-day pause' report causing stocks to plummet AGAIN after markets tank worldwide over brutal tariffs

Nardelli advised that investors prepare for the "long haul" and refrain from selling shares if they want to benefit.

"We're going to see these ups and downs, these go-ins and go-outs, but I, for example, personally have not sold a share," the former Home Depot CEO added.

"I'm staying in this market because I believe what he's [President Trump] doing over the long haul will benefit the country in a number of ways."

Even so, fellow CEOs like JPMorgan Chase's Jamie Dimon have argued that consumers would face increased prices and an "economic nuclear winter" as a result of the tariffs.

President Trump's Reciprocal Tariffs

President Trump unveiled his reciprocal tariff plan on countries worldwide on April 2, which he declared as "Liberation Day."

Reciprocal tariffs per country, which includes the 10% baseline fee:

  • China: charges the US 67% tariffs, the US will counter with 34% reciprocal tariffs.
  • European Union: charges the US 39% tariffs, the US will counter with 20% reciprocal tariffs.
  • Vietnam: charges the US 90% tariffs, the US will counter with 46% reciprocal tariffs.
  • Taiwan: charges the US 64% tariffs, the US will counter with 32% reciprocal tariffs.
  • Japan: charges the US 46% tariffs, the US will counter with 24% reciprocal tariffs.
  • India: charges the US 52% tariffs, the US will counter with 26% reciprocal tariffs.
  • South Korea: charges the US 50% tariffs, the US will counter with 25% reciprocal tariffs.
  • Thailand: charges the US 72% tariffs, the US will counter with 36% reciprocal tariffs.
  • Switzerland: charges the US 61% tariffs, the US will counter with 31% reciprocal tariffs.
  • Indonesia: charges the US 61% tariffs, the US will counter with 32% reciprocal tariffs.
  • Malaysia: charges the US 47% tariffs, the US will counter with 24% reciprocal tariffs.
  • Cambodia: charges the US 97% tariffs, the US will counter with 49% reciprocal tariffs.
  • United Kingdom: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • South Africa: charges the US 60% tariffs, the US will counter with 30% reciprocal tariffs.
  • Brazil: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Bangladesh: charges the US 74% tariffs, the US will counter with 37% reciprocal tariffs.
  • Singapore: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Israel: charges the US 33% tariffs, the US will counter with 17% reciprocal tariffs.
  • Philippines: charges the US 34% tariffs, the US will counter with 17% reciprocal tariffs.
  • Chile: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Australia: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Pakistan: charges the US 58% tariffs, the US will counter with 29% reciprocal tariffs.
  • Turkey: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Sri Lanka: charges the US 88% tariffs, the US will counter with 44% reciprocal tariffs.
  • Colombia: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Peru: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Nicaragua: charges the US 36% tariffs, the US will counter with 18% reciprocal tariffs.
  • Norway: charges the US 30% tariffs, the US will counter with 15% reciprocal tariffs.
  • Costa Rica: charges the US 17% tariffs, the US will counter with 10% reciprocal tariffs.
  • Jordan: charges the US 40% tariffs, the US will counter with 20% reciprocal tariffs.
  • Dominican Republic: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • United Arab Emirates: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • New Zealand: charges the US 20% tariffs, the US will counter with 10% reciprocal tariffs.
  • Argentina: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Ecuador: charges the US 12% tariffs, the US will counter with 10% reciprocal tariffs.
  • Guatemala: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Honduras: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Madagascar (Burma): charges the US 88% tariffs, the US will counter with 44% reciprocal tariffs.
  • Tunisia: charges the US 55% tariffs, the US will counter with 28% reciprocal tariffs.
  • Kazakhstan: charges the US 54% tariffs, the US will counter with 27% reciprocal tariffs.
  • Serbia: charges the US 74% tariffs, the US will counter with 37% reciprocal tariffs.
  • Egypt: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Saudi Arabia: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • El Salvador: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Côte d'Ivoire: charges the US 41% tariffs, the US will counter with 21% reciprocal tariffs.
  • Laos: charges the US 95% tariffs, the US will counter with 48% reciprocal tariffs.
  • Botswana: charges the US 74% tariffs, the US will counter with 37% reciprocal tariffs.
  • Trinidad and Tobago: charges the US 12% tariffs, the US will counter with 10% reciprocal tariffs.
  • Morocco: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Moldova: charges the US 61% tariffs, the US will counter with 31% reciprocal tariffs.
  • Angola: charges the US 63% tariffs, the US will counter with 32% reciprocal tariffs.
  • Democratic Republic of the Congo: charges the US 22% tariffs, the US will counter with 11% reciprocal tariffs.
  • Jamaica: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Mozambique: charges the US 31% tariffs, the US will counter with 16% reciprocal tariffs.
  • Paraguay: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Zambia: charges the US 33% tariffs, the US will counter with 17% reciprocal tariffs.
  • Lebanon: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Tanzania: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Iraq: charges the US 78% tariffs, the US will counter with 39% reciprocal tariffs.
  • Georgia: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Senegal: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Azerbaijan:charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Cameroon: charges the US 22% tariffs, the US will counter with 11% reciprocal tariffs.
  • Uganda: charges the US 20% tariffs, the US will counter with 10% reciprocal tariffs.
  • Albania: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Armenia: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Nepal: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Sint Maarten: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Falkland Islands: charges the US 82% tariffs, the US will counter 41% with reciprocal tariffs.
  • Gabon: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Kuwait: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Togo: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Suriname: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Belize: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Algeria: charges the US 59% tariffs, the US will counter with 30% reciprocal tariffs.
  • Oman: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Uruguay: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Bahamas: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Lesotho: charges the US 99% tariffs, the US will counter with 55% reciprocal tariffs.
  • Ukraine: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Bahrain: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Qatar: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Mauritius: charges the US 80% tariffs, the US will counter with 40% reciprocal tariffs.
  • Fiji: charges the US 63% tariffs, the US will counter with 32% reciprocal tariffs.
  • Iceland: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Kenya: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Liechtenstein: charges the US 73% tariffs, the US will counter with 37% reciprocal tariffs.
  • Guyana: charges the US 76% tariffs, the US will counter with 38% reciprocal tariffs.
  • Haiti: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Bosnia and Herzegovina: charges the US 70% tariffs, the US will counter with 35% reciprocal tariffs.
  • Nigeria: charges the US 27% tariffs, the US will counter with 14% reciprocal tariffs.
  • Namibia: charges the US 42% tariffs, the US will counter with 21% reciprocal tariffs.
  • Brunei: charges the US 47% tariffs, the US will counter with 24% reciprocal tariffs.
  • Bolivia: charges the US 20% tariffs, the US will counter with 10% reciprocal tariffs.
  • Panama: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Venezuela: charges the US 29% tariffs, the US will counter with 15% reciprocal tariffs.
  • North Macedonia: charges the US 65% tariffs, the US will counter 33% with reciprocal tariffs.
  • Ethiopia: charges the US 10% tariffs, the US will respond with a 10% baseline fee.
  • Ghana: charges the US 17% tariffs, the US will counter with 10% reciprocal tariffs.

The full list was shared on by the White House's rapid response team on X.

Nardelli said in response that the Trump administration was likely aware that there would be uncertainty felt in the stock market after the tariff implementation.

It was still a "risk worth taking" for the health of the US economy down the road, according to the ex-CEO.

The Trump administration has also said that at least 50 of the 90 nations that had begun facing the imports had already contacted the government for further negotiations.

CHINA CONFLICT

China, however, has promised to "fight to the end" after Trump pledged to hike tariffs on Beijing by about an additional 50% if it didn't pull back retaliatory levies against the United States.

Beijing failed to meet a deadline set at noon, which means that a 104% tariff will go into effect on Wednesday if nothing changes.

China is reportedly considering banning all films from Hollywood in response.

It's Hollywood's second-biggest market, which would be a significant blow to the US economy.

Latest reports from White House Press Secretary Karoline Leavitt note that Trump is prepared to be "gracious" and accept a deal with China.

"The president also wanted me to tell all of you that if China reaches out to make a deal he'll be incredibly gracious, but he's going to do what's best for the American people," she told reporters.

Read More on The US Sun

‘GET YOUR TEST’

Beyonce’s mom Tina Knowles reveals breast cancer diagnosis

JOE-TOSHOP 

Biden accused of FAKING family pic as viewers spot mysterious 'floating hand'

Millions of shoppers could also see a price hike from discount sites Shein and Temu due to the tariffs on Chinese brands.

Many were also urged recently to buy shoes, furniture, and cars quickly to avoid tariff interference.

Topics
YOU MIGHT LIKE
RECOMMENDED FOR YOU
MORE FOR YOU