New York — The Trump administration’s latest round of Chinese tariffs may spell bad news for the preppiest US summer staple: the Ralph Lauren polo shirt. The luxury retailer, which sources about one-quarter of its products from China, could see many of its classic apparel items hit by 25% tariffs as the US proposes fresh levies on about $300bn of goods. Ralph Lauren makes many of its high-end products in markets such as Italy, but some of its Polo and Lauren brands are still made in China. “Think sweaters, polo shirts, some of our footwear,” CEO Patrice Louvet said in an interview after the company reported fourth-quarter results. “As you can imagine, we are working on different scenarios, absolutely.” Ralph Lauren shares slipped as much as 5.6%, after initially spiking in pre-market trading after strong quarterly results. Although profit beat forecasts in the quarter, the company’s home market of North America showed weakness. So far, the average US consumer has largely escaped dir...

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