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

Shares of U.S. footwear makers fall 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 Holding ONON.N

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

Shares of Nike down 12.3% at more than a seven-year low of $56.06 and Under Armour UAA.N falls 18% to nearly 15-year low of $5.40

On tumbles 15.9%, Lululemon Athletica LULU.O drops 13.3% and VF Corp VFC.N falls 22.7%

Hoka shoemaker Deckers Outdoor DECK.N down 17.4%, Skechers SKX.N falls 20.3% and Crocs CROX.O trips 18%

Sporting goods retailer Foot Locker FL.N down 14.2% at near 15-year low of $12.45

German sandal maker Birkenstock BIRK.N also drops 8.4%

"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