Vietnam ETFs hit hard in postmarket trading after U.S. imposes 46% tariff

The two exchange-traded funds that track the performance of Vietnamese stocks tumbled in afterhours trading in reactio to the Trump administration imposing 46% traiffs on all goods imported from the Southeast Asian nation.

The $420-million VanEck Vietnam ETF dropped 3.2% in late trading while the $11-million Global X MSCI Vietnam ETF tumbled 6.5%.

— Scott Schnipper

International markets have outperformed U.S. equities in 2025 as investors anticipated U.S. policies would result in slower economic growth. However, President Donald Trump’s retaliatory tariffs are a headwind on this trend, according to Scott Helfstein, head of investment strategy at Global X.

“Hope for a softer tariff policy has turned out to be misplaced. The new tariffs could take some steam out of international trade. Tariff announcements are not good news for trading partners, and the administration is likely to leave these in place for some time,” said Helfstein. “Expect market volatility to persist in the coming months as tariff data works into economic data.”

Domestic companies and industries are not immune from tariffs either, Helfstein noted, with consumer and business sentiment already showing signs of weakening.

Nonetheless, “The tariff news does not alter the long-term secular trends that will continue to drive the U.S. forward,” Helfstein added.

“Further gains in areas like AI, automation, and infrastructure will help drive corporate growth and profitability, but realization of some benefits may take a little longer. So, there is still opportunity to embrace secular growth trends,” said Helfstein.

— Hakyung Kim

RH, G-III Apparel Group and Penske Automotive Group tumbled between 23% and 25% in after-hours trading following President Trump’s imposition of larger-than-expected tariffs on imports of foreign-made goods into the U.S.

During the president’s Rose Garden announcement, RH, formerly Restoration Hardware, released fiscal fourth-quarter earnings and revenue that fell short of Wall Street analysts’ estimates, as well as weaker-than-estimated fiscal first quarter and full-year revenue growth guidance.

Other companies that import a large number of products from overseas as part of their business model also slumped in late trading: Five Below and Gap Inc. tumbled 11% each; Deckers Outdoor dropped 10%; Lululemon Athletica, Urban Outfitters, Skechers, Shoe Carnival and Crocs slid 9%; and Williams-Sonoma and VF Corporation fell 8%.

Stock chart icon

RH shares

President Trump held up a sign showing the rates countries will pay. Although there is a base tariff rate of 10%, the chart showed countries with larger trade imbalances could pay much more. For example, China will face a 34% rate, the European Union will be charged 20% and Vietnam will pay 46% under the reciprocal plan. A sample of the rates is in the chart above.

But some countries will face even higher rates when taking into account duties already implemented. For example, the effective rate on China goods will be more than 50%.

— Christina Cheddar Berk

Shares of iPhone maker Apple slipped nearly 5% in Wednesday’s after-hours trading.

Stock chart icon

AAPL 5D chart

The moves came after President Donald Trump announced a blanket tariff of at least 10% for all foreign goods. Select other nations, such as China, Vietnam and India, were hit with a higher levy.

Apple is a company especially sensitive to these tariffs, since the company sells many of its products in international markets. Apple stock has been hit in recent quarters as the company has continued to experience market share losses in countries such as China to domestic competitors.

— Lisa Kailai Han

Multinational consumer stocks were sliding in after-hours trading following Trump’s tariff announcement.

• Nike fell 6%.
• Ralph Lauren dropped more than 5%.
• Estée Lauder declined 3.5%.

These companies all have significant sales outside of the U.S.

— Jesse Pound

Shortly after 4:45 p.m. ET, the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, traded about 2.2% lower. The Invesco QQQ ETF, which corresponds to the Nasdaq-100 Index, lost roughly 3.2%. The SPDR Dow Jones Industrial Average ETF Trust (DIA) shed nearly 1%.

— Pia Singh