President Donald Trump’s latest tariff salvo on key Asian manufacturing hubs (hitting Vietnam with 46% duties, Indonesia 32%, and more on China) blindsided apparel and sneaker retailers. Shares of Nike, Adidas and Puma tumbled on the news, as analysts warned the steep tariffs will likely force price hikes on everything from tracksuits to running shoes. Premium brands like On Holding (which targets wealthier shoppers) may be better positioned to pass on higher costs without hurting demand.