Thursday's steep sell-off in the retail sector tied to tariffs on Southeast Asian imports are staging a significant rebound after President Trump’s ‘very productive call’ with General Secretary To Lam of Vietnam and Cambodian prime minister Hun Manet. 

Accordingly, shares of Nike (NYSE:NKE), Lululemon (NASDAQ:LULU), Gap (NYSE:GAP), Skechers (NYSE:SKX) On Holdings (NYSE:ONON), Abercrombie & Fitch (NYSE:ANF), Victoria's Secret (NYSE:VSCO), Guess? (NYSE:GES), and Urban Outfitters (NASDAQ:URBN) have reversed all or most of their losses on Thursday and are 4% to 14% in the green.

During the call, General Secretary To told the president he would like to cut their tariffs (on U.S. imports) “down to ZERO if they are able to make an agreement with the U.S.”

Cambodian Prime Minister Hun Manet, who also spoke with Trump, expressed a similar willingness to lower tariffs on imported goods from the U.S. in return for equal accommodation. 

On Thursday, shares of those companies that manufacture a majority of their merchandise in Southeast Asian countries like Vietnam, Cambodia, and Sri Lanka suffered heavy losses after tariffs ranging from 30% to 49% were announced.

While Friday's price action helped trimmed some of the sector's weekly loss, shares are set to close in the red at the end of a very tough week for the retail sector.

In late Friday trading, Nike (NYSE:NKE), On Holdings (NYSE:ONON), Abercrombie & Fitch (NYSE:ANF) were all set to close in the red for a fifth straight week, down another ~7%, ~8%, and ~4%, respectively. Lululemon (NASDAQ:LULU) and Victoria's Secret (NYSE:VSCO) are lower for a second week with a loss of ~9%,and ~7%, respectively. Skechers (NYSE:SKX) is down 10% on the week, while Guess? (NYSE:GES) was the outlier, closing in the green this week as Q4 results helped offset tariff-related losses.