Evercore says the current US tariff plan could wipe out all of $ONON 2026 EBIT and slash 80% of Nike’s $NKE in FY27 if no mitigation steps are taken. That’s mainly due to heavy sourcing from Vietnam, which is hit with a 46% tariff. In contrast, Birkenstock $BIRK, which manufactures entirely in Europe, would see just an 8% EBIT hit. ONON would need to raise prices by 11%, Nike by 8%, and BIRK by only 2% to offset the impact, according to Evercore’s estimates.