The United States announced sweeping tariffs on several trading partners, including Asian nations such as Vietnam, Indonesia, and Bangladesh, which manufacture shoes and clothes for American labels.
Economist Peter Schiff warned on Thursday that Nike Inc. won't shift production to the United States despite newly imposed tariffs, predicting higher prices and reduced domestic sales for the footwear giant.
Explore the S&P500 index on Thursday and find out which stocks are the most active in today's session. Stay updated with the stocks that are capturing market interest.
Goldman Sachs analyst Brooke Roach warns that U.S. tariff hikes will significantly impact retail, with China's tariff rate soaring to 54% and key sourcing nations like Vietnam (46%) and Cambodia (49%) facing steep increases. Apparel and footwear tariffs will average 38%, forcing brands to adjust pricing and negotiate costs.
Shares of athletic apparel brand Nike (NYSE:NKE)
fell 15% in the pre-market session after President Trump announced "reciprocal tariffs" on all US imports, set at a minimum rate of 10%.
President Donald Trump's sweeping new trade tariffs sent shockwaves through global markets on Thursday, triggering a massive sell-off that echoed the COVID-19 pandemic-era routs, as investor risk appetite vanished in a flash.
Nike Inc (NYSE:NKE) shares are tumbling Thursday after U.S. President Donald Trump announced sweeping reciprocal tariffs on several countries around the world.
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