Donald Trump's tariffs hit major brands including Nike and H&M - full list

Donald Trump's massive tariffs have left the world teetering on the edge of a new economic downturn - and are hitting some major brands especially hard. The US president slapped sweeping tariffs on foreign imports from every country in the world yesterday in what he hailed as "Liberation Day" that would bring about a "Golden Age" for US industry.

But the initial signs show that he could be inflicting a huge self-inflicted wound on the American economy, with the panicked US stock market sent into freefall. On Thursday, financial markets were heading towards their biggest one-day drop since the beginning of the Covid pandemic five years ago.

Now fears are mounting that the measures could cripple the business model of major brands who manufacture their products abroad. Flagging profits these brands is likely to increase prices not just in the US, but across the world, too, meaning British shoppers may soon notice some price rises on their favourite brands.

Some well-known clothing brands which rely heavily on international suppliers have seen their share price plummet since the start of trading on Thursday, as investors fear the businesses may be heavily impacted by the tariffs. These include:

• Nike
• Adidas
• Puma
• Under Armour
• JD Sports
• H&M
• Burberry

Nike has made headlines as one of the biggest casualties, losing $10 billion (£8.4 billion) in market capitalisation in under an hour after markets opened on Thursday.

Some analysts think so. An initial assessment from banking giant UBS predicted that Nike, Adidas and Puma may have to increase their retail prices in America by 20% to make up for a decline in profits.

That's because these brands depend on manufacturers in China and Vietnam, which now face tariffs of 34% and a 46% respectively on exports to the US.

While the price rises are likely to felt first by American consumers, it is likely these major brands would also pass on the increased costs of trading onto their global businesses, meaning trainers and other sporting gear could soon be more expensive in British shops.

It's not yet clear what impact Donald Trump's tariffs could have on prices in the UK. Some experts have predicted that a number of items could actually become cheaper in the short term, as nations that have been slapped with far higher tariffs than the UK, such as China and Vietnam, may look to diversify their trade strategies and send more products to the UK.

This could include electronics, computers, home appliances, entertainment systems, gaming consoles, and other products sourced from Asia.

Amy Knight, personal finance expert at NerdWallet UK, said countries that have been slapped with far higher tariffs than the UK, such as China and Vietnam, may look to diversify their trade strategies and send more products to the UK.

She said: "If goods they would have sold to the US are diverted to the UK instead, supply here will increase, pushing prices down for some items." said: "If goods they would have sold to the US are diverted to the UK instead, supply here will increase, pushing prices down for some items."

However, it is likely that anyone looking at a new car could soon be seeing the impact of one of Trump's previously announced tariffs - a 25% levy on all automobiles and vehicle parts imported into the US. This came into effect today. That's because many major car manufacturers, particularly the premium European brands like Mercedes Benz and BMW, rely heavily on sales in the US market, meaning are likely increase prices in the UK to offset losses they will incur from the tariffs.