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Makers of Sporting-Goods Tumble After U.S. Tariffs on Key Manufacturers
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Shares in sporting-goods companies plunged after President Trump unveiled new U.S. tariffs on foreign imports that target countries where the industry has key manufacturing hubs. Stocks of German players Adidas and Puma dropped 10% and 8.9%, respectively, in European morning trading, while shares in U.K. retailer JD Sports fell 5.5%. The levies announced overnight are harsher than expected, especially for Southeast Asian countries with higher exposure to sporting goods, RBC Capital Markets analyst Piral Dadhania said in a note to clients.
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