A shopper walks past artificial Christmas trees for sale at a Home Depot store in Wilmington, Delaware.

Mixed sales and profit forecasts from major U.S. retailers such as Target TGT-N and Home Depot HD-N have prompted investors to question if this year’s crucial holiday season will yield the windfall typically associated with a year-end shopping surge.

Rising costs driven by U.S. President Donald Trump’s import tariffs and subdued consumer spending have given rise to fresh worries about the resilience of the American shopper.

“We are planning cautiously for the back half of the year, given continued uncertainty and volatility,” Target’s Chief Commercial Officer Rick Gomez said on Wednesday.

Consumer and retail companies have also been among the worst hit by tariffs. The unpredictab

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