Stocks exposed to Vietnam including Nike Inc. and Lululemon Athletica Inc. soared on Friday after President Donald Trump said he had a “very productive call” with Vietnam's To Lam and said the country wants to “cut their tariffs down to zero” in a post on Truth Social.
Nike shares erased an earlier loss to gain as much as 5.9%, while On Holding AG and Skechers USA Inc. also rose more than 6% each. Lululemon Athletica shares meanwhile jumped 3.9%. Wayfair Inc. was briefly halted for volatility after erasing a 19% decline to jump as much as 6.4%.
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The stocks tumbled Thursday on Trump's sweeping tariff plans, as the companies had shifted production to Vietnam to avoid China tariffs.
About half of all Nike brand shoes and 39% of Adidas shoes are made in Vietnam, according to regulatory filings, with the country being the largest supplier of footwear for both companies. Nike has already said it expects its gross margin to decline sharply this quarter, in part due to US tariffs on products from China and Mexico.
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