10 Firms Take a Beating on Tariff Worries

2. V.F. Corporation (NYSE:VFC)

Apparel maker V.F. Corporation saw its share prices decline by 28.74 percent on Thursday to finish at $11.68 each as investors sold off on twin news that it was laying off employees while also taking a beating over the potential impact of higher tariffs on its products.

V.F. Corporation (NYSE:VFC) designs, manufactures, and markets branded apparel such as The North Face, Timberland, Vans, Dickies, Jansport, and Kipling. It currently owns various facilities globally, including China, Mexico, and Canada, all of which have been slapped with higher taxes by President Donald Trump.

Despite announcing a number of achievements on its business including cost reduction, lower net debt, improved business performance in the Americas, and an advanced Vans brand turnaround, trading in the company was hit by a bearish outlook on the retail industry given the recently implemented higher tariffs which could cause higher costs of importation, manufacturing, and raw materials.