If you thought your 2025 was off to a rough start because you missed out on Bitcoin at $40k or got ghosted after a first date at Chili’s (which is pretty rough, I’ll admit)… let me fill you in on how the year is going for Nike.

The Swoosh is hurting. Like, “just got pantsed on the stage at graduation” hurting. On Thursday, Nike’s stock dropped 14.46%, after President Trump whipped out a 46% tariff on imports from Vietnam. And just in case that wasn’t enough of a killer, he decided to throw Cambodia (49%), Bangladesh (37%), and Indonesia (32%) into the tariff cage match too. All of which just so happen to be where Nike makes… well, basically everything it sells.

Yeah… about half of Nike’s shoes are made in Vietnam, and over 25% of its clothes too. They moved a bunch of production there to dodge Trump-era tariffs on China. But now, with a new round of trade war drama heating up, even Vietnam isn’t safe… so Nike’s Plan B might be falling apart.

Morgan Stanley summed it up like this: “Potential incremental Vietnam tariffs appear under-appreciated by investors, and could prove a notable headwind…” My translation: y’all didn’t see this coming, and it’s gonna suck.

But, the worst part is Nike didn’t even have its financial legs under it before this. The company warned investors last month that sales were slowing, margins were shrinking, and the product lineup was starting to feel about as fresh as Major League Baseball in 2025 (have you seen how small the crowds are?). The stock was already down 7% before this tariff chaos even hit the news cycle. And just like that, it’s now down a full 36% over the past year.

In the meantime, analysts are doing what they do best: remaining cautiously optimistic while Rome burns. UBS cut its price target from $73 to $66. And somehow 36 other analysts still have an average price target of $81.90 for Nike. That’s a 26% upside from current levels, assuming Nike doesn’t continue getting hit with regulatory baseball bats. Some even think it could go as high as $120. Others think $40. 

Nike may have taken the brunt of it, but make no mistake… this was a full-on sneaker industry smackdown. Skechers got bodied over 17%. Adidas slipped 10%, and Puma? Well, we stopped checking once the stock ticker looked like a crime scene. It wasn’t just the big names either… Morgan Stanley was out here naming names like they were reading off a homeroom roll call at school. Allbirds and On Holding also caught strays, courtesy of their own made-in-Vietnam supply chains. 

Of course, Nike is holding out on a glimmer of hope, though. Maybe a product refresh, a shiny new marketing push, or Travis Scott performing a TikTok dance in neon Flyknits could spark a comeback. But someone’s definitely feeling the heat right now… and it’s probably the Nike exec who once said, “Vietnam will save us from China.”

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Stocks.News has positions in Nike and Brinker International.