Why the tariff announcements hit Nike so hard, in one chart

hough many stocks got caught up in yesterday’s tariff-induced sell-off, Nike investors had a particularly painful day.

Shares in the Swoosh company dropped 13%, erasing more than $12 billion in market value, more than many of its rivals that were also caught up in the wider retail rout.

Over the last two decades, the sneaker company has become increasingly reliant on its Southeast Asian manufacturing partners. Indeed, Vietnam, China, and Indonesia are responsible for 95% of Nike’s footwear manufacturing. All three of them were hit with 30% tariffs or higher on Wednesday.

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