Investing.com -- Shares of footwear and sports apparel giant Nike (NYSE:NKE) are down over 14% in pre-open trading Thursday after U.S. President Donald Trump announced sweeping tariffs on trading partners the world over.
Specifically for Nike, in 2024, factories in Vietnam, Indonesia and China manufactured approximately 50%, 27% and 18% of total NIKE Brand footwear, respectively. Meanwhile, factories in Vietnam, China and Cambodia manufactured approximately 28%, 16% and 15% of total NIKE Brand apparel, respectively, in the same year.
In announcing his reciprocal tariffs, Trump slapped tariffs of 34% on China (54% with the current 20% levy), 46% on Vietnam, 49% on Cambodia, and 32% on Indonesia. Trump also announced a 10% universal tariff.
The 10% universal tariff is set to take effect on April 5, and the reciprocal tariffs are set to take effect on April 9.
One potential saving grace for Nike is that not all its revenue comes from the U.S. In 2024, 42% of revenue came from the U.S.
Today’s downdraft in Nike shares has wiped out an astonishing $13 billion in market value.