Who Paid the Tariffs on Apparel Last Year? The Answer Might Be a Surprise.
Published . Updated .
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Dr. Sheng Lu sought to discover whether most apparel retailers indeed passed along the additional cost of duties to their shoppers, or whether they actually opted to absorb the lion’s share themselves.
Directly affected
- No company is named in this report.
Indirectly affected
- XRT SPDR S&P Retail ETF
SPDR S&P Retail ETF: it holds retailers. Linked by “apparel” (retail and consumer goods) in this story.
- XLY Consumer Discretionary Select Sector SPDR+5.7% 30d
Consumer Discretionary Select Sector SPDR: it holds retailers. Linked by “apparel” (retail and consumer goods) in this story.
- XLI Industrial Select Sector SPDR-0.2% 30d
Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story.
- WMT Walmart+20.2% 30d
Walmart (variety stores): retailers move with shopper spending and import costs. Linked by “apparel” (retail and consumer goods) in this story.
- AMZN Amazon.com+8.7% 30d
Amazon.com (catalog and mail-order houses): retailers move with shopper spending and import costs. Linked by “apparel” (retail and consumer goods) in this story.
- COST Costco Wholesale+17.1% 30d
Costco Wholesale (variety stores): retailers move with shopper spending and import costs. Linked by “apparel” (retail and consumer goods) in this story.
- TGT Target-1.0% 30d
Target (variety stores): retailers move with shopper spending and import costs. Linked by “apparel” (retail and consumer goods) in this story.
- CAT Caterpillar-27.9% 30d
Caterpillar (construction machinery and equip): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| XRT | +1.39% | -3.19% | base | -1.26% | after close | after close | after close |
| XLY | +1.02% | -2.89% | base | -0.55% | after close | after close | after close |
| XLI | +0.40% | -3.60% | base | +0.79% | after close | after close | after close |
| WMT | +2.97% | -0.02% | base | -1.30% | after close | after close | after close |
| AMZN | -1.76% | -4.23% | base | -1.61% | after close | after close | after close |
| COST | -1.85% | -1.20% | base | +1.05% | after close | after close | after close |
| TGT | +0.75% | -2.13% | base | -0.54% | after close | after close | after close |
| CAT | +1.14% | -4.42% | base | +1.79% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Who Paid the Tariffs on Apparel Last Year? The Answer Might Be a Surprise. WWD
Source: WWD
Select Sector Spdr Tr (XLI) since this story, compared with the market
| Company | When | Move | Status |
|---|---|---|---|
| Amazon Com (AMZN) | that day | -1.61% | still updating |
| Amazon Com (AMZN) | three days earlier | -4.23% | final price |
| Amazon Com (AMZN) | five days earlier | -1.76% | final price |
| Caterpillar (CAT) | that day | +1.79% | still updating |
| Caterpillar (CAT) | three days earlier | -4.42% | final price |
| Caterpillar (CAT) | five days earlier | +1.14% | final price |
| Costco Wholesale (COST) | that day | +1.05% | still updating |
| Costco Wholesale (COST) | three days earlier | -1.20% | final price |
| Costco Wholesale (COST) | five days earlier | -1.85% | final price |
| TGT | that day | -0.54% | still updating |
| TGT | three days earlier | -2.13% | final price |
| TGT | five days earlier | +0.75% | final price |
| Walmart (WMT) | that day | -1.30% | still updating |
| Walmart (WMT) | three days earlier | -0.02% | final price |
| Walmart (WMT) | five days earlier | +2.97% | final price |
| Select Sector Spdr Tr (XLI) | that day | +0.79% | still updating |
| Select Sector Spdr Tr (XLI) | three days earlier | -3.60% | final price |
| Select Sector Spdr Tr (XLI) | five days earlier | +0.40% | final price |
| XLY | that day | -0.55% | still updating |
| XLY | three days earlier | -2.89% | final price |
| XLY | five days earlier | +1.02% | final price |
| Spdr Series Trust (XRT) | that day | -1.26% | still updating |
| Spdr Series Trust (XRT) | three days earlier | -3.19% | final price |
| Spdr Series Trust (XRT) | five days earlier | +1.39% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Rohit Khanna bought Walmart (WMT) (held by a dependent child), worth $15,001 - $50,000 on 13 Oct 2026. That is 29 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Rohit Khanna sold Walmart (WMT) (held by a spouse), worth $1,001 - $15,000 on 7 Oct 2026. That is 35 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Pete Sessions sold Walmart (WMT) (held by a spouse), worth $50,001 - $100,000 on 2 Oct 2026. That is 40 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Pete Sessions sold Amazon Com (AMZN), worth $15,001 - $50,000 on 27 Oct 2026. That is 15 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Pete Sessions sold Amazon Com (AMZN) (held by a spouse), worth $100,001 - $250,000 on 2 Oct 2026. That is 40 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Amazon Com (AMZN) (held by a spouse), worth $1,001 - $15,000 on 28 Aug 2026. That is 75 days before publication. Filed 14 Oct 2026. View the filing.
- Rep. Pete Sessions sold Costco Wholesale (COST), worth $100,001 - $250,000 on 13 Oct 2026. That is 29 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Costco Wholesale (COST) (held by a spouse), worth $1,001 - $15,000 on 12 Oct 2026. That is 30 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Rohit Khanna bought Costco Wholesale (COST) (held by a spouse), worth $1,001 - $15,000 on 7 Oct 2026. That is 35 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Rohit Khanna sold Target (TGT) (held by a spouse), worth $1,001 - $15,000 on 4 Sep 2026. That is 68 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Lisa McClain bought Caterpillar (CAT) (held by a spouse), worth $1,001 - $15,000 on 28 Sep 2026. That is 44 days before publication. Filed 12 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Nike (NKE), worth $15,001 - $50,000 on 28 Aug 2026. That is 75 days before publication. Filed 8 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Select Sector Spdr Tr (XLI)
Companies tied to this story
- XLI Select Sector Spdr Tr
In “Who Paid the Tariffs on Apparel Last Year? The Answer Might Be a Surprise.,” Select Sector Spdr Tr (XLI) is linked, with no stored direction, medium confidence. Reason on file: Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story
- XRT Spdr Series Trust
Spdr Series Trust (XRT) is linked, with no stored direction, medium confidence in the 11 Nov 2026 story “Who Paid the Tariffs on Apparel Last Year? The Answer Might Be a Surprise..” Reason on file: SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story
- CAT Caterpillar
For “Who Paid the Tariffs on Apparel Last Year? The Answer Might Be a Surprise.,” Caterpillar (CAT) is linked, with no stored direction, medium confidence. Reason on file: Caterpillar (construction machinery and equip): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story
- DE Deere
Deere (DE) is linked, with no stored direction, medium confidence in the 11 Nov 2026 story “Who Paid the Tariffs on Apparel Last Year? The Answer Might Be a Surprise..” Reason on file: Deere (farm machinery and equipment): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story
- WMT Walmart
In “Who Paid the Tariffs on Apparel Last Year? The Answer Might Be a Surprise.,” Walmart (WMT) is linked, with no stored direction, medium confidence. Reason on file: Walmart (variety stores): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story
- NKE Nike
Nike (NKE) is linked, with no stored direction, medium confidence in the 11 Nov 2026 story “Who Paid the Tariffs on Apparel Last Year? The Answer Might Be a Surprise..” Reason on file: Nike (rubber and plastics footwear): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story
- AMZN Amazon Com
Amazon Com (AMZN) is linked, with no stored direction, medium confidence in the 11 Nov 2026 story “Who Paid the Tariffs on Apparel Last Year? The Answer Might Be a Surprise..” Reason on file: Amazon.com (catalog and mail-order houses): retailers move with shopper spending and import costs. Linked by “apparel” (retail and consumer goods) in this story
- COST Costco Wholesale
For “Who Paid the Tariffs on Apparel Last Year? The Answer Might Be a Surprise.,” Costco Wholesale (COST) is linked, with no stored direction, medium confidence. Reason on file: Costco Wholesale (variety stores): retailers move with shopper spending and import costs. Linked by “apparel” (retail and consumer goods) in this story
Select Sector Spdr Tr (XLI)
Select Sector Spdr Tr (XLI) is the company in “Who Paid the Tariffs on Apparel Last Year? The Answer Might Be a Surprise.,” the 11 Nov 2026 this story story.
What ties Select Sector Spdr Tr (XLI) to the headline is this: Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story
Also listed, Spdr Series Trust (XRT): SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story
Dates in the story, and the Select Sector Spdr Tr (XLI) price range
CAT traded between 550.88 and 770.00 across 20 sessions. The latest close on file is 584.51. XLI traded between 163.00 and 172.33 across 20 sessions. The latest close on file is 169.73.
What the saved facts support for Select Sector Spdr Tr (XLI)
46 out of 100Price not final
“Who Paid the Tariffs on Apparel Last Year? The Answer Might Be a Surprise.” scores 46 out of 100. The score uses 1 sources, and 8 linked companies. The price is not final yet.