In some years, the stock market is more volatile than usual, and 2025 is shaping up to be one of those years.

In April, both the Nasdaq and the S&P 500 cratered, falling roughly 20% from their February market highs, as investors dumped stocks in reaction to the Trump administration’s tariff policy. Markets did sharply rebound in the ensuing months as the so-called “TACO” trade — a tongue-in-cheek market acronym for “Trump always chickens out” — unfolded. But shares in some companies remained depressed, as it seemed likely that they would ultimately suffer from some form of tariff implementation.

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As the stock market is a forward-looking entity, investors trimmed the market cap of companies they expect will suffer in the future, even if tariffs haven’t yet affected their earnings. But it won’t be long before tariffs directly affect the actual earnings of various companies. If investors are right, stocks that have been already hit may face additional selling pressure as weak earnings reports come trickling out.

Here’s a look at some popular brand stocks that have already suffered from the threat of tariffs and that may remain depressed as earnings reflect the reality of their impact.

• Stock price as of July 16, 2025: $11.82

• Year-to-date (YTD) return: -44.28%

VF Corporation may not be a household name to most Americans, but its most popular brands — including The North Face, Vans and Timberland — certainly are. The manufacturer of footwear and clothing sources much of its material and labor from Vietnam and China, two countries that have been directly targeted by the Trump administration.

Although the tariff policy regarding China and Vietnam has been changed repeatedly over the past few months, it’s highly likely that any final policy will directly impair companies like VF Corporation, who can’t simply start up operations in a tariff-free country overnight. Shares have been hammered thus far in 2025 and seem likely to remain under pressure until the company finds a way to minimize damage from tariffs.

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Retailer Best Buy is a bit of a different case than VF Corporation, showing how tariffs can affect companies’ earnings in different ways. Although Best Buy does manufacture some of its private-label products in China, its biggest tariff impact is in the disruption to its supply chain. The company’s primary business is retailing goods manufactured by other companies, and many of those in its supply chain are exposed to tariffs, including in China and Mexico.