Target relies on produce from Mexico during the winter, while Best Buy sources most of its products from Mexico and China.

The stock had briefly knee-jerked higher after earnings were released, but quickly gave up gains. The selloff intensified after Chief Executive Corie Barry told analysts on the earnings call that tariffs imposed by the administration of President Donald Trump “make price increases for American consumers highly likely.”

Best Buy beat Wall Street's fourth-quarter earnings and revenue estimates as the company's computing and phone sales increased.