Fitbit will move manufacturing outside of China to avoid US tariffs (FIT)

Fitbit announced on Wednesday that its in the process of moving all of the company's manufacturing operations out of China amid the ongoing threat of US tariffs. 
The company said it started looking for other locations to manufacture its trackers and smartwatches after the US-China trade war began in 2018.
According to Fitbit's statement, the company will provide more details on the financial impact of the transition during its third-quarter earnings call. 
Shares of Fitbit tumbled as