Why Footwear Stocks Nike, On Holding, Deckers, and Boot Barn Were Tumbling Today
Stocks are plunging today on President Trump's announcement of a 10% blanket tariff on global imports and higher rates on most major trading partners last night. Unsurprisingly, the news sent broad swaths of the stock market into a tailspin, and among the hardest-hit sectors was footwear and apparel. Nearly all of these products are manufactured outside the U.S., often in Asia or Latin America, and the tariffs are likely to make prices rise.