The president’s statement helped boost shares in apparel brands Nike, Lululemon, and American Eagle — all of which have major operations in the country.

Top U.S. brands like Nike have spent years shifting away from Chinese factories, but the new tariffs now threaten Southeast Asian supplies.

Shares in Nike, Adidas and Puma dropped sharply on Thursday after U.S. President Donald Trump imposed a raft of new tariffs, including on Vietnam, Indonesia, and China, key sourcing markets for the sportswear companies.