Shares in major sportswear brands tumbled after Trump's global tariff announcement. Vietnam, a key manufacturing source, faces one of the highest tariffs. Consumers are likely to pay more for Nike and Adidas sneakers.

Nike stock was down nearly 13% Thursday morning on the news. The company produces 59% of its apparel in Vietnam, China and Cambodia, which were hit with tariffs of 46%, 34% and 49%, respectively. The company also produces half of its footwear in Vietnam and another 45% in China and Indonesia, which will see a 32% tariff.