U.S. President Donald Trump‘s new tariff threats and general investor anxiety over Greenland ignited a stock selloff on Tuesday that included shares of shoe companies.
Trump has threatened to impose new tariffs on imports from eight European allies if they don’t agree to his demand to take over Greenland, a semi-autonomous Danish territory.
The eight allies are Denmark, Norway, Sweden, France, Germany, Finland, Netherlands and the U.K. He spoke of a ten percent tariff to be imposed beginning Feb. 1 on top of the existing levies imposed in 2025 connected to his reciprocal tariff program. Trump wants control of Greenland by June 1, and if his demands aren’t met, those levies will increase to 25 percent.
Tuesday’s stock selloff saw the Dow Jones Industrial Average drop by 1.8 percent, or 870 points, representing its worst day since Oct. 10, the same day Trump threatened to raise tariffs on imports from China.
Shoe firms trading on the U.S. equity exchanges weren’t spared from the selloff.
Among the retailers that saw stock declines were: Dick’s Sporting Goods, down 4.2 percent to $206.25; Academy Sports + Outdoors Inc., down 4.0 percent to $56.26; Designer Brands Inc., down 3.1 percent to $7.50.
Among the footwear brands, shares that saw declines includec: Asics Corp., down nearly 4.9 percent to $24.91; Wolverine Worldwide Inc., down 4.3 percent to $18.47; Adidas AG, down nearly 4.3 percent to $89.01; Birkenstock Holding plc, down 3.4 percent to $37.15; Puma SE, down 3.2 percent to $2.42; Genesco Inc., down 3.1 percent to $36.60; Deckers Outdoor Corp., down nearly 2.7 percent to $97.98, and Steven Madden, Ltd., down 2.3 percent to $44.55.
Boot Barn Holdings Inc. was an outlier, up 1.3 percent to $195.26, as was the retailer Shoe Carnival Inc., up 0.1 percent to $19.00.