The bulk of Nike goods are manufactured in Vietnam, Indonesia or China. (Luong Thai Linh/Shutterstock)

Nike shares took a big hit Thursday morning following President Trump’s tariff announcement, falling 13% and erasing more than $12 billion in market value.

The new round of tariffs include a 46% rate on goods from Vietnam, 32% on Indonesia and 34% on China, three countries that supply the majority of the company’s products.

Shares of Nike’s biggest rivals—Adidas and Puma—as well as retail partners like Foot Locker and Dick’s Sporting Goods also fell on the news. Adidas, like Nike, imports shoes to the U.S. from East Asia.