Adidas, Puma Plunge as Trump’s Tariffs Shock Shoe Supply Chains

Adidas AG and Puma SE plunged amid a shock to their supply chains after President Donald Trump announced new tariffs on crucial shoe and apparel producing countries including Vietnam and Indonesia.

The US imposed a 46 percent reciprocal tariff rate on Vietnamese goods on Wednesday as part of Trump’s growing trade war with countries around the world. Other new tariffs include 49 percent on Cambodia, 34 percent on China, 32 percent on Indonesia and 36 percent on Thailand.

Adidas shares…