On July 3, the U.S. and Vietnam reached a trade agreement yesterday under which all Vietnamese exports to the U.S. will face a 20% tariff, significantly lower than the 46% rate announced in April. However, goods transshipped through Vietnam will still be subject to a 40% tariff. Analysts say the move signals a possible easing of broader tariff threats. Following the news, shares of several sportswear brands rose: Nike gained 4%, On Holding rose 3%, and Under Armour climbed 2%. In recent years, apparel companies have diversified production beyond China to countries like Vietnam, Cambodia, and Indonesia. Ongoing shifts in U.S. tariff policy, particularly under former President Trump, have prompted many brands to reassess or cut financial forecasts.