Nike (NKE, Financial) and Lululemon (LULU, Financial) shares climbed Friday morning after former President Donald Trump reported a “very productive call” with Vietnamese officials on trade tariffs.
Trump stated on Truth Social that Vietnam's General Secretary To Lam expressed willingness to reduce tariffs to zero, pending an agreement with the U.S. He added that he looked forward to a future meeting on the matter.
LULU gained 3.4%, while NKE advanced 4.5% following the announcement. Both companies shifted significant portions of their manufacturing to Vietnam in recent years to mitigate U.S.-China trade tensions.
The rally comes despite concerns over Trump's 46% tariff on Vietnamese imports, introduced during the country's “Liberation Day.” Market participants are monitoring further trade developments that could impact supply chains.
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