Sportswear Retailers Haven’t Yet Been Hit by Trump Tariffs

November 28, 2025

On April 2 from the White House Rose Garden, President Donald Trump announced a 10% tariff on all imports across the board, as well as varied reciprocal tariffs on nearly all countries the administration considered bad actors on trade.

Imports from Vietnam would get hit with a 46% tariff; goods from Indonesia would see 32% tariffs; Cambodia, 37%. (The Trump administration has since struck new deals with some countries, including Vietnam in August, agreeing to a 20% tariff.)

The stock market plunged 4.8% that day, as investors feared higher costs to make goods abroad would hurt companies’ bottom lines and eat into consumer budgets. Shares of sportswear retailers, including Adidas, Nike, and On Holdings, plunged the day after the announcement, as they manufacture the bulk of their products outside the U.S., predominantly in Asia.