CNN reported that Trump is making efforts to bring manufacturing back to the United States, but the world's largest apparel and footwear retailer is suffering a heavy blow due to his tariff plans.
After the U.S. imposed a 46% retaliatory tariff on Vietnamese products, Nike's stock fell by 6.4% in after-hours trading in New York.
Abercrombie & Fitch's stock fell by 7.7% in after-hours trading. The company sources 35% of its goods from Vietnam and 22% from Cambodia.
Gap's stock fell by 11%, as approximately 27% of its goods come from Vietnam and 19% from Indonesia.
Today, Trump declared a national emergency in the United States and announced reciprocal tariff policies, imposing higher tariffs on more than 60 countries.
The new tariffs on Chinese products are 34%, plus the previous 20%, totaling 54%.
The new tariff on the EU is 10%, bringing the total to 20%.
Original article: https://www.toutiao.com/article/1828364145483785/
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