The fall-out from the White House's effort to boost US manufacturing continues and it's not good news for one industry giant.

US President Donald Trump has imposed tariffs on many countries since returning to the White House in an attempt to encourage businesses and consumers to buy more American-made goods. Trump hopes his policy will help boost US manufacturing and jobs but economists have warned it could lead to higher prices for customers.

Wall Street futures headed lower after a major U.S. retailer blamed its grim forecast on tariff concerns and oil prices rose.

Target slashed its annual sales forecast on Wednesday after posting a sharp decline in quarterly same-store sales, attributing the declines to weakened consumer confidence and a pullback in discretionary spending due to U.

Target executives said consumers are still being careful what they spend, resulting in a nearly 4% comparable sales decline for the February-April period. More, the Minneapolis-based retailer predicts sales will be down mid-single digits for the year.

Target Corp. cut its sales forecast following a weaker-than-expected quarter — the latest sign the big-box retailer’s plans to recapture growth are faltering.