Gap Falls 21% After Warning Tariff Hit Could Reach $300 Million

Gap Inc. slumped on Friday after the apparel retailer predicted a tariff impact of as much as $300 million, offsetting better-than-expected results at its biggest brands.

The shares fell 21% at 11:21 a.m., the most intraday since US President Donald Trump announced sweeping tariffs in early April. The drop erased Gap’s year-to-date gain.