Nike says Trump tariffs could raise its costs by $1bn

Nike warns that Trump's tariffs may increase its costs by $1bn, prompting the sportswear giant to reduce its reliance on China for production. The company plans to shift some manufacturing to other countries to mitigate the impact of US trade policies. Despite earnings for the last quarter surpassing estimates, Nike reported its lowest revenue since 2022 and expects to see changes in its production by May 2026.