American Eagle on Tuesday said it is writing off $75 million in spring and summer merchandise and withdrawing its full-year guidance as it contends with slow sales, steep discounting and an uncertain economy.

American Eagle Outfitters withdrew its annual forecasts on Tuesday and took a $75 million inventory charge on its spring and summer collection due to economic uncertainty fueled by tariffs, sending its shares crashing 18% in extended trading.

Shares of American Eagle Outfitters are tumbling Wednesday after the retailer withdrew its financial outlook for the year citing “macro uncertainty” and said it would write down $75 million in spring and summer merchandise.