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.

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.

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.