Stocks of Nike, Adidas, and Puma Plummet Amid New Vietnam Tariffs

The stocks of Nike, Adidas, and Puma experienced significant declines on April 3, 2025, following the imposition of new tariffs by the U.S. President on countries including Vietnam, Indonesia, and China—key markets for supplying athletic goods. Vietnam faced a tariff increase of 46%, Cambodia 49%, Bangladesh 37%, and Indonesia 32%. Additionally, tariffs on China were raised by an extra 34 percentage points, following previous rates of 20%. “Athletic companies will be disproportionately affected by higher tariffs in Vietnam,” stated Central Rose, an analyst at Bryan Garnier. Earlier, Nike’s shares listed in Frankfurt dropped by 6.5%, Adidas fell nearly 9% to its lowest point of the year, and Puma declined by 8.5%, reaching its lowest level since November 2016. Nike produced half of its footwear and 28% of its apparel in Vietnam during the fiscal year of 2024, while Adidas relied on Vietnam for 39% of its footwear and 18% of its apparel last year. For Adidas, Indonesia and Cambodia are also crucial manufacturing hubs, producing 32% of its footwear and 23% of its apparel respectively.