US luxury and footwear firms fall; China retaliates with 34% import tariffs

Shares of U.S. luxury and footwear companies drop premarket

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

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

Shares of companies such as Nike NKE.N and Estee Lauder EL.N, which export goods to China, have been taking a hit

Ralph Lauren RL.N shares plunge about 8%, while Capri CPRI.N shares dip 2%

EL and Tapestry TPR.N shares down about 8% each

NKE down about 8%, U.S.-listed shares of Skechers SKX.N and Foot Locker FL.N fall about 7% each

Shares of Deckers Outdoor DECK.N and Crocs CROX.O down about 6% each