Shoe Stocks Mixed as US-Vietnam Trade Deal Framework Revealed

Shoe stocks were mixed in mid-day trading on Wednesday following word that the U.S. and Vietnam have set some parameters for a trade deal.

U.S. President Donald Trump said on Truth Social that “Vietnam will pay the United States a 20 percent Tariff on any and all goods sent into our Territory, and a 40 percent Tariff on a Transshipping.” He added that Vietnam will also give the U.S. “total access” to their markets for trade. After pointing out that the access is something Vietnam has never done before, Trump also said the U.S. will be able to sell American product “into Vietnam at zero tariff.”

There is no confirmation yet on the Vietnam Ministry of Industry and Trade website.

Among the footwear firms that saw gains on Wall Street include: Nike Inc., up 3.6 percent to $76.03; Rocky Brands Inc., up 3.1 percent to $23.73; On Holding AG, up 2.8 percent to $57.70; Designer Brands Inc., up 2.4 percent to $2.77; Steve Madden Ltd., up 2.6 percent to $25.85; Wolverine World Wide Inc., up 2.5 percent to $19.56; Caleres Inc., up 2.1 percent to $13.49, and Under Armour Inc., up 1.2 percent to $6.82.

Shoe stocks that fell on the news include: Asics ADR, down 1.4 percent to $25.28; Crocs Inc., down 0.9 percent to $106.17; Allbirds Inc., down 0.8 percent to $10.86; Foot Locker Inc., also down 0.8 percent to $24.75, and Dick’s Sporting Goods Inc., down 0.6 percent to $204.98.