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

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