Softlines partially priced in China tariffs, not Vietnam, says Morgan Stanley

Morgan Stanley says President Trump’s new reciprocal tariffs came in “worse than anticipated across-the-board,” with Vietnam most meaningful for Softlines stocks and China/Vietnam for Hardlines. In Softlines, China tariffs were “partially priced in, but Vietnam tariffs were not,” weighing on stocks with higher exposure, says the analyst, whose scorecard suggests Amer Sports (AS), Bath & Body Works (BBWI), Levi Strauss (LEVI), Nike (NKE), and Tapestry (TPR) as “potentially best positioned” and views Torrid (CURV) and Warby Parker (WRBY) as “possibly worst.”