European markets fell on Thursday after U.S. President Donald Trump Amazing tariff announcementsthe big retail name selling products from sportswear to jewelry is the worst performing product.

Many of the goods sold by European companies to American consumers are produced or passed through factories in Southeast Asia, a region covering economies that are dependent on development, exports, and have been accidentally attacked by some of Trump’s highest duties.

Cambodia – Where Nearly one million people Working in garment and footwear factories that produce about 70% of the country’s exports, the tariff rate is the highest at 49%.

Meanwhile, the U.S. imports from Laos are set at 48%, Vietnam has 46%, Thailand has 36%, and Indonesia has 32%. Trump administration’s way of calculating tariffs has been severely criticized for ignoring both Trade in Services and Low purchasing power The highest tariffs are found in these countries.

Sri Lanka and Bangladesh are also one of the factory hubs, where Citi analysts say the tariffs are “much worse than expected”.

The news made European retail stocks slide.

Jewelry Manufacturer Pandora Thursday plunged 11%. The company’s manufacturing and refinery locations span Southeast Asia, as well as China, Japan, India, South America and North America and Europe.

German sportswear company Biaoma and AdidasMeanwhile, it fell 11% and 9.7% respectively. UK JD Sports Cobblers dropped 5.5% Dr. Martens Lossed 5.9% by UK luxury goods companies Burberry Reduced by 6.2%.

“The impact of Trump tariffs (the impact on company profits and cash flows depends heavily on the time of responsibility, the company and the industry,” Russ Mold, investment director at AJ Bell, told CNBC via email.

“The companies facing the biggest challenge may be those that have a large portion of total sales coming to the U.S. and a large portion of their supply chain is located in Asia – and clothing retailers will be very concerned about that. They may be able to reschedule the supply chain, but it will take some time.”

Just like in the United States – Retailers often also have very global supply chains, with company profits expected to be squeezed and shoppers pay higher prices.

“Asia is the main procurement hub for sportswear, with business costs just crossing the roof. With existing inventory on the market, retail partners will have a slight delay in the impact on consumers, but only a few months.”

Cailin Birch, a global economist with the Economist Intelligence Department, told CNBC on Thursday that specialized retail brands are becoming more complex for their future plans.

“These tariffs are higher than expected. There is a lot of uncertainty about the composition,” she said, explaining that Trump may raise or lower his responsibilities in the future.

“So they’re already explaining the government that these numbers are going to end, and that’s before we put market pressure on it. So how can companies reliably consider where they’re going to produce, sell and sell goods, and when do they don’t know (the tariffs) will arrive here in six months or four years?”

Birch said consumers were able to keep up with higher prices during the pandemic inflation shock, but that was because the price increase was combined with government stimulus, stable labor market and wage growth.

“We won’t see the demand aspect of this equation,” she said.