Nike (NKE) Stock is down over 13% during Thursday’s trading session following the arrival of Donald Trump’s reciprocal tariffs policy. Shares of the leading athletic apparel company were down over 15% in pre-market trading and fell even further as most of the US stock market took a hit. The company also erased more than $12 billion in market value.

Companies built on global supply chains took the biggest hit from the new tariff policy implemented Wednesday. Nike imports a wide variety of products, including footwear, apparel, and equipment, primarily from countries like Vietnam, Indonesia, and China. Vietnam, central to many companies’ production plans, faced a 46% tariff, while China’s Tariffs sat over 60%. Thus, the company’s investors were rightfully fearful of the company’s immediate future after the tariffs. Shares of Nike’s biggest rivals—Adidas and Puma—as well as retail partners like Foot Locker and Dick’s Sporting Goods also fell Thursday.

The levies announced overnight are harsher than expected, especially for Southeast Asian countries with higher exposure to sporting goods, RBC Capital Markets analyst Piral Dadhania said in a note to clients. Additionally, the impact could be worse than anticipated, as nearly all footwear sold in the U.S. is imported, UBS analysts wrote.

Also Read: US Stocks: Dow Drops 1,400 Points as Markets Nosedive on Trump Tariffs

Furthermore, Nike’s shares are not very volatile and have only had 7 moves greater than 5% over the last year. Moves this big are rare for Nike and indicate this news significantly impacted the market’s perception of the business. With other clothing companies also in the red during Thursday’s trading sessions, the impact of the Trump tariffs is noticeable marketwide.

Nike stock (NKE) is trading near the bottom of its 52-week range and below its 200-day simple moving average. Analysts aren’t very hopeful of the stock at press time, projecting further dropoff. Over the next 12 months, analysts at CNN suggest that the stock could fall as much as 20% more to $40.00.