Consumer

‘Oh Sh-t’: RH Chief Is Shocked as Tariffs Drag Down Stock 44%

RH Chief Executive Officer Gary Friedman — RH Chief Executive Officer Gary Friedman
Photographer: Liz Hafalia/Hearst Newspapers/Getty Images

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By Lily Meier

April 3, 2025 at 12:23 PM UTC

Updated on

April 3, 2025 at 3:20 PM UTC

This article is for subscribers only.

“Oh sh-t.” That was RH Chief Executive Officer Gary Friedman’s reaction to what was happening to the luxury furniture maker’s stock price on Wednesday evening.

Donald Trump had just announced plans for an avalanche of new tariffs on goods from around the world, but Friedman was discussing RH’s earnings on a call with analysts, seemingly unaware of the scale of the market chaos the US president had unleashed.