The giants of retail saw selling pressure in the premarket session on Thursday after the Trump Administration announced some of the new tariffs that will go into effect this week.

President Trump said the U.S. will levy tariffs at "approximately half" of what the White House has calculated those countries charge for American goods. The U.S. will place a 34% tariff rate on goods from China, 46% rate on Vietnam, 49% on Cambodia, 25% on South Korea, 31% on Switzerland, 32% on Taiwan, 36% on Thailand, 20% on the European Union, 24% on Malaysia, 10% on the U.K. and Brazil, and 24% for Japan. Trump contended that the tariffs will increase competition and bring down prices, although many economists have warned that inflation and recession risks are now increased.

Walmart (NYSE:WMT) swing 5.8% lower premarket, while Amazon (AMZN) dropped 6.0%, Costco (NASDAQ:COST) was down 3.5% and Target (TGT) peeled off 5.1%. Dick's Sporting Goods (DKS) shed 6.4% and Best Buy (BBY) was off 6.4% in the early session. Home improvement giants Home Depot (HD) and Lowe's (LOW) were both down about 4%. Department store stocks were not spared, with Macy's (M) down 4.6% and Kohl's (KSS) off 4.9%. The SPDR S&P Retail ETF (NYSEARCA:XRT) showed a 5.5% loss at 6:45 a.m as a rough day for the retail sector looks to be upcoming.