US Stock Market Move | American footwear manufacturer stocks collectively plummeted, with Nike, Inc. Class B (NKE.US) falling more than 12%.

On Thursday, shares of American footwear manufacturers plummeted. Skechers U.S.A., Inc. Class A (SKX.US) dropped by 21%, Crocs, Inc. (CROX.US) fell by over 17%, Deckers Outdoor (DECK.US) dropped by over 16%, Under Armour (UAA.US) fell by over 14%, and NIKE, Inc. Class B (NKE.US) dropped by over 12%. On the news front, President Trump announced tariffs of 26% on India, 37% on Bangladesh, 46% on Vietnam, and 49% on Cambodia. These countries are major procurement markets for companies such as NIKE, Inc. Class B and Under Armour. President Trump's tariff policy will have a direct and substantial impact on the Vietnamese economy. Many American companies that rely on Vietnamese manufacturing saw their stock prices plummet. According to previous analysis by Goldman Sachs Group, Inc., if the U.S. were to raise tariffs on Vietnam by 10%, Vietnam's GDP growth could be dragged down by around 1%. A 46% tariff will have a severe impact on the Vietnamese economy.