ATLANTA — The U.S. saw its worst day on Wall Street in years as concerns over tariffs and a potential trade war led to a sell-off.
Major Georgia corporations were not immune.
Delta dropped 10%, UPS 9.75%, Pulte Group stocks lost more than 6%, and Home Depot dropped more than 4%.
Coca-Cola Co was one of the few companies to make gains Thursday, going up nearly 2.6%.
“Years from now, people will be talking about this event, looking at this event, and teaching this event in their classrooms,” Emory finance professor Tom Smith told Channel 2’s Michael Doudna. “We live in a global economy, and people are concerned prices will absolutely go up.”
Georgia companies said in recent investment reports that it could change how they do business.
Coca-Cola said last month that tariffs may force them to move away from using glass or metal cans to offset price increases.
Home Depot also expressed concerns in a March investment report, saying in part that tariffs “could significantly, adversely impact the cost of, demand for, and profitability of retail product sales in our U.S. or other locations.”
RELATED STORIES:
- Dow drops nearly 1,680 in biggest wipeout since 2020 as fears of fallout from tariffs shake markets
- One Georgia lawmaker says President Trump’s tariffs don’t go far enough
- Georgians who make their living with the car industry concerned over tariffs
- Georgia lawmakers have mixed emotions over new Trump tariffs announced Wednesday
In a statement, a Home Depot spokesperson said: “As this situation is evolving, we are monitoring developments closely. Over half of our products are sourced in the U.S. We are our customers’ advocate for value and will continue to work closely with our suppliers to navigate this environment.”
However, whether Thursday’s sell-off is a momentary issue or a long-term problem, it likely comes down to consumer spending.
“70% of our gap is made up of consumer spending. If consumers stop spending, you could very well find ourselves in an economic recession,” Smith said.
Channel 2 Action News reached out to major businesses for comment on how they are handling the tariffs.
UPS said, “UPS serves customers around the world, and we have a flexible global network that is well-positioned to help our customers navigate shifts in global trade. We will work with our customers as they evaluate their needs and adjust their supply chains.
“We also have systems and processes in place to facilitate payment of applicable duties and help our customers compliantly export to the U.S.”
Delta declined an official statement but said they are closely monitoring the tariff situation.
The Georgia Ports Authority responded by saying, “We are closely monitoring the ongoing tariff discussions and related developments. Earlier today, we released our March container numbers, which showed record volumes.”
Companies such as Coca-Cola, Inspire Brands (Arby’s, Buffalo Wild Wings, Jimmy John’s, and more), and Pulte Group did not respond.
©2025 Cox Media Group
