US footwear makers tumble following Trump's new tariffs on Asian countries

U.S. footwear makers' shares fall premarket after President Donald Trump imposes new tariffs on Asia production hubs including Vietnam, Indonesia and China

These countries including Bangladesh are key sourcing markets for sportswear companies such as Nike NKE.N and Roger Federer-backed On Holdings ONON.N

Trump has targeted India with 26% tariffs, Bangladesh with 37%, Vietnam with 46% and Cambodia with 49%

Shares of Nike down 8.5%, Under Armour UAA.N falls 4.9% and On tumbles 13.3% premarket

Lululemon Athletica LULU.O drops 10.2% and VF Corp VFC.N falls 7.3% premarket

Hoka shoemaker Deckers Outdoor DECK.N down 9.8%, Skechers SKX.N falls 7.7% and Crocs CROX.O trips 10.4% before the bell

Sporting goods retailer Foot Locker FL.N down 3.6% premarket

German sandal maker Birkenstock BIRK.N also drops 4.2% premarket

"The huge tariff on imports from Vietnam is clearly negative for Nike, Adidas, and others in the sportswear space," Morningstar analyst David Swartz says

"Athletic footwear cannot easily be produced in other countries due to the complexity of manufacturing. Making it worse, tariffs are being imposed on other Asian countries." - Swartz