By Inti Pacheco
Nike shares took a big hit Thursday morning following President Trump's tariff announcement, falling 13% and erasing more than $12 billion in market value.
The new round of tariffs include a 46% rate on goods from Vietnam, 32% on Indonesia and 34% on China, three countries that supply the majority of the company's products.
Shares of Nike's biggest rivals-Adidas and Puma-as well as retail partners like Foot Locker and Dick's Sporting Goods also fell on the news. Adidas, like Nike, imports shoes to the U.S. from East Asia.
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(END) Dow Jones Newswires
April 03, 2025 11:31 ET (15:31 GMT)
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