Nike, Deckers and More Shoe Stocks Rally After Trump Shows Willingness to Haggle With Vietnam on Tariffs

A Nike store in Ho Chi Minh City, Vietnam.
A Nike store in Ho Chi Minh City, Vietnam.
Thanh Hue / Getty Images

Vietnamese officials are scrambling to reach a truce with President Donald Trump ahead of the April 9 rollout of staggering double-digit duties on exports to the U.S. market—and the president has indicated he’s willing to play ball.

Following Trump’s reciprocal tariffs announcement this week, Vietnam’s trade ministry asked the president to postpone the 46-percent increase in duties by up to three months and engage in further negotiations to address the country’s trade imbalance with the U.S.

Taking to Truth Social on Friday, Trump indicated that he’s open to considering a bilateral trade deal with the Asian nation.

“Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S.” he wrote. “I thanked him on behalf of our Country, and said I look forward to a meeting in the near future.”

Vietnam was among the hardest hit with reciprocal duties this week, surpassing even China’s new 34-percent duty rate. Vietnamese leaders believe there is still “room for discussion and negotiation” with the U.S., and the country will be dispatching a delegation to Washington this weekend in hopes of making it happen, according to the Bangkok Post.

Last month, officials from Hanoi made a similar overture to the administration, meeting with U.S. Trade Representative Ambassador Jamieson Greer. At the time, he told them that “Vietnam needs to have stronger solutions to open the market and improve the trade balance” after its trade surplus with the U.S. reached a record high last year.

The president’s amenability to these discussions was enough to buoy a sector of Wall Street’s spirits and rally some stocks that took a beating on Thursday. Footwear firms in particular are particularly exposed to risk, with many athletic shoe brands deeply dependent on the Vietnamese supply chain for sneaker production.

Nike, which manufactures about half of its footwear in Vietnam, saw its stock rebound marginally, at a rate of 4.46 percent, after falling 14 percent the day prior. Lululemon too saw modest gains, with stock rising 2.5 percent after tumbling about 10 percent on Thursday. After taking double-digit hits, On Holding AG saw an increase of 4.87 percent, Deckers rebounded 5.24 percent and Skechers saw a modest 3.74-percent bump.

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