Why Trump’s tariffs on Vietnam are so devastating to Nike, Adidas, and other sneaker companies

On Wednesday, Trump announced a wide ranging series of reciprocal tariffs on imported goods from countries including China and Japan. But near the top of the list was a country you might not have thought about a lot in terms of its status as international power broker: Vietnam.

With a 46% tariff, Vietnam is one of the hardest hit countries on the list. All sorts of goods are made there these days, including furniture and technological hardware. But the most sensitive industry may be...