US footwear and luxury firms reverse course after Trump says Vietnam in talks to reduce tariffs

Foot Locker

04/04/2025 17:12

Updates

** Shares of U.S. footwear companies reverse course to rise after President Donald Trump says Vietnam's leader offers to reduce tariffs on U.S. imports

** Companies including Nike NKE.N, Adidas ADSGn.DE, Lululemon LULU.O as well as On Holding ONON.N produce most of their apparel and footwear in Vietnam

** On Wednesday, Trump announced new tariffs on countries in Asia including Vietnam, Indonesia and China, which are production hubs for these firms

** China retaliates with 34% import tariffs on all U.S. goods in response to tariffs imposed by Trump

** Shares of NKE rise about 4%, while LULU edges up 3% in morning trade

** U.S.-listed shares of Skechers SKX.N and shares of ONON up about 7%, each

** Foot Locker FL.N rises about 4%

** Shares of Deckers Outdoor DECK.N and Crocs CROX.O up about 5% each

** Shares of Ralph Lauren RL.N and Capri CPRI.N also reverse course to gain about 2%

** Estee Lauder EL.N plunges about 8% after taking a hit due to exposure to China

 (Reporting by Anuja Bharat Mistry in Bengaluru)

 ((AnujaBharat.Mistry@thomsonreuters.com;))