Major sourcing hubs, such as Vietnam and Indonesia, will be subject to tariffs of 20% and 19%, respectively, while negotiations on China’s 30% rate are ongoing.
Leading footwear brands, including Nike (NKE), Crocs (CROX), Deckers Outdoor (DECK), and ON Holdings (ONON), are under growing pressure after President Donald Trump formalized tariff rates last week, targeting key manufacturing centers in Southeast Asia.
Major sourcing hubs, such as Vietnam and Indonesia, will be subject to tariffs of 20% and 19%, respectively, on their exports to the United States. Rates for Thailand, Malaysia, and Cambodia are set at 19%, effective Thursday.
Executives are also closely watching the negotiations with China, another major manufacturing hub for clothes, shoes, and handbags, where a final deal is yet to be announced. If there are no changes, Chinese imports will face a 30% tariff rate after Aug. 12.
Shares of On Holdings led the declines on Friday, a day after Trump released his finalized tariff list, sliding 3.2%. Shares of Crocs and HOKA shoes maker Deckers fell by around 2.7%, while Nike stock declined by 0.1%.
Over the past week, Deckers is down 11.6%, Crocs is down 9%, On Holdings is down 7.4%, and Nike is down 2.2%.
Tariff pressures all but reversed the gains in Deckers’ stock the week before the last, when it reported better-than-expected quarterly results driven by international sales.
In recent months, retail companies, including footwear brands, have flagged additional costs from Trump tariffs and announced plans to shift their sourcing away from Vietnam and China.
“On tariffs, we are still awaiting final details. But based on the recent updates, assuming Vietnam increases from 10% to 20%, we would expect to face a total of $185 million of unmitigated impact to our cost of goods sold in fiscal year 2026, up from our previously provided estimate of up to $150 million,” Deckers CFO Steven Fasching told investors last month.
Nike said it faces $1 billion in annual costs and would reduce imports from China by about half by next year.
On Stocktwits, the retail sentiment was ‘bearish’ for Nike and Deckers, and ‘bullish’ for Crocs and On Holdings as of late Sunday.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<