Calvin Klein Owner Plunges as Tariffs Spook Shoppers in China

President Donald Trump’s trade war with China is creating a mess on both sides of the Pacific Ocean for American fashion labels Tommy Hilfiger and Calvin Klein.

PVH Corp., the parent company of both brands, plunged the most in a decade May 30 after reporting that the escalating battle is causing anxious American and Chinese shoppers to buy less.

“Tariffs and trade rhetoric and threats weighed on consumers in China and in the U.S.,” Emanuel Chirico, chief executive officer of PVH, said on a conference call. “We certainly saw consumers in China buying less.”

Shares fell as much as 14% ...