US footwear makers extend declines on tariff turmoil

Shares U.S.-listed footwear makers slip in early trading on President Donald Trump's tariffs and rising recession fears .N

Trump's tariffs on Asia production hubs, including Vietnam, Indonesia and China, are a major blow to Nike NKE.N and Roger Federer-backed On Holding ONON.N, among others

Nike shares fall 17% and On drops nearly 18% since Trump imposed tariffs on April 2

Nike, VF Corp VFC.N, Under Armour UAA.N among companies at high risk of a margin squeeze, TD Cowen analysts write, trimming price targets

"The U.S. retail ecosystem is largely built off low-cost labor and high volume production in Asia," brokerage says

"Tariff mitigation will occur (sharing cost with suppliers) but there are zero countries with capacity to shift production and suppliers operate on thin margins"

Shares of Nike down 5.8% and On fall 6.6%

Under Armour drops 6.3%, VF Corp 5.9% and Lululemon Athletica LULU.O 4.5%

Sporting goods retailers Foot Locker FL.N falls 6.7% and Dick's Sporting Goods DKS.N falls 7.2%