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

Over the past few years, the world’s largest sneaker companies have increasingly expanded their sourcing footprint in countries like Vietnam to diversify production outside of China. But with the Trump administration’s “Liberation Day” tariffs taking aim at manufacturing hubs across Southeast Asia,

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.