Nike stock surged after trade deal announcement with Vietnam, expected tariff impacts

From Yahoo Finance: 2025-07-02 11:06:00

Footwear stocks, including Nike, surged after President Trump announced a trade deal with Vietnam on Truth Social. Nike, On Holding, Deckers, and Lululemon saw immediate gains. However, retail and footwear stocks dipped slightly after Trump revealed details of the deal, including tariffs on goods. Nike stock rose 1.7% in mid-morning trade.

Many footwear companies have already shifted production from China to Vietnam to avoid tariffs. Nike expects tariff costs to reach $1 billion and plans to further diversify its supply chain. Lululemon recently warned of profit impacts due to tariff uncertainty. Last month, the company’s stock experienced its worst day since 2020.

Nike plans to reduce its reliance on Chinese imports to the “high single-digit range” by the end of the fiscal year. The company also announced a “surgical price increase” in the US starting this fall. Lululemon’s profits are expected to be affected by tariff uncertainty and consumer softness. Follow Brooke DiPalma on Twitter for more updates.



Read more at Yahoo Finance: Nike stock pops after Trump says US reaches trade deal with Vietnam