Amer Sports, Inc. (AS) shares plummeted 7.73% in pre-market trading on Tuesday, as the company's stock was caught in the crosshairs of escalating trade tensions and investors' flight to safety following President Donald Trump's reiteration of plans to impose tariffs on key trade partners.

The sharp sell-off in Amer Sports, a leading sports equipment and apparel company, reflects the broader market anxiety over Trump's protectionist policies. The President's insistence on implementing tariffs on imports from Canada and Mexico, despite efforts by the two nations to enhance border security and curb fentanyl flow into the U.S., has heightened trade war concerns.

In a joint press conference with French President Emmanuel Macron, Trump emphasized the importance of achieving lasting peace in Ukraine. However, his comments on trade overshadowed the diplomatic efforts. The President's assertion that tariffs on Canada and Mexico will proceed as scheduled after a one-month delay has dashed hopes of a negotiated settlement, fueling fears of economic disruption and retaliatory measures.

The escalating tensions have sparked a flight to safety, benefiting traditional safe-haven assets like gold and U.S. Treasuries. Amer Sports, along with other export-oriented companies, has been caught in the crosshairs of this market turmoil, with investors bracing for potential impacts on global trade and economic growth.