Shares of apparel and footwear companies—including sportswear retailers like Nike and Under Armour—have taken a beating since President Donald Trump first announced tariffs on imports from dozens of countries on April 2. Vietnam, which was set to be hit with a 46% tariff, has become a dominant sourcing country for Nike, Adidas, On, and others, especially after Trump imposed hefty tariffs on Chinese imports during his first presidential term. On April 9 Trump announced a 90-day pause on all tariffs except for imports from China.

Most Skechers footwear is manufactured in China and Vietnam. Tariffs on goods imported from China are currently more than 100%.