Nike (NKE) shares were down more than 9% in recent premarket activity Thursday, a day after US President Donald Trump announced tariff hikes on several major apparel-exporting countries.
Trump said after the market closed on Wednesday that he will impose a 46% tariff on Vietnam, a 49% tariff on Cambodia, a 37% tariff on Bangladesh, and a 32% tariff on Indonesia, as well as 54% tariffs on all Chinese imports into the US.
Nike sources a large portion of its products from these countries, and the tariff changes are expected to raise supply chain costs.
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