Luxury brands took a major hit yesterday following U.S. President Trump’s tariff hikes, with stocks of companies like Capri (Michael Kors) and Ralph Lauren plummeting due to their reliance on Asian manufacturing. Swiss watchmakers Richemont and Swatch, along with Danish jeweler Pandora, also saw sharp declines as exports from Switzerland and Thailand were hit with tariffs as high as 36%. Analysts expect U.S. luxury prices to rise by 6% on average, which high-end brands may absorb more easily than mid-tier labels. More broadly, a potential slowdown in China — alongside U.S. consumer hesitancy — poses a serious threat, as both markets together account for over half of global luxury sales.