Over the past few years, President-elect Trump has publicly criticized, name-checked, and boycotted companies that run counter to his proposed economic policies, particularly concerning the outsourcing of jobs. The list of companies Trump has shunned includes Macy’s, Amazon, and Ford. As his administration takes shape, many wonder whether he’ll make good on his economic proposals and how the companies that have distanced themselves from Trump will fare in a Trump-led economy.
Trump hasn’t been the only one leveling the criticism: A handful of brands ended their business relationships with Trump too, either by refusing to sell his products or no longer broadcasting Trump-related shows (in the case of Univision and NBCUniversal) citing issues with his policies on immigrants and trade. Just before the election, many of these companies enjoyed rallies as markets anticipated a Clinton presidency. But since Trump’s surprise victory, the performance of these brands has been mixed.
Perhaps the most notable rift is between Trump and Macy’s, both of which have been engaged in a mutual boycott for over a year. Macy’s first cut ties with Trump, by no longer selling Trump brand products, due to his comments regarding Mexican immigrants. Macy’s stock fell in the second half of 2015 (which Trump has taken credit for). In January of 2016, Trump tweeted that Macy’s was a “very disloyal company” and recommended a boycott. But the company’s stock has since bounced back. The retailer was closely watched this week and since Wednesday, Macy’s shares rose around 11 percent. The company also released its quarterly earnings report Thursday, which slightly missed investor expectations, but had a positive full-year forecast. The company told The Street that it will continue not to carry products from Trump’s menswear collection.