Nike stock jumps as Trump says Vietnam is negotiating on tariffs

Nike
stock is getting a much-needed boost on news that Vietnam could be making progress with the US on tariff negotiations.

Shares of the athletic wear company climbed as much as 3% to trade at about $58 a share midday Friday after President Donald Trump suggested the US was in talks with Vietnam on reducing the US’s tariff rate on imports from the country.

Nike dropped 14% the day after Trump unveiled his latest tariff plan Wednesday, which included a 46% duty on goods imported from
Vietnam
. It made half its footwear and more than one-quarter of its apparel in that country last year, the firm said in its annual report.

Early Friday, Vietnam asked the Trump administration to delay its tariff for up to three months while it negotiated trade terms.

A statement from the Vietnamese government said the nation would continue to push for solutions that would allow it to continue purchasing raw materials and equipment from the US.

Later, in a post on Truth Social, Trump said he had a “very productive call” with To Lam, the general secretary of Vietnam’s Communist Party. Lam is looking to eliminate tariffs, Trump said, adding that he was looking forward to another meeting “in the near future.”

Vietnam was expected to be among the countries
hit hardest by Trump’s latest tariffs package
.

Last year, the US imported about $136.6 billion worth of goods from Vietnam. Communications equipment and apparel were among the largest import categories by dollar value.

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