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Nike stock got a boost on Friday after Trump said he was negotiating with Vietnam on tariffs.
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The president this week proposed a 46% duty on goods imported from Vietnam.
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The athletic wear brand lost 14% on Thursday, the day after Trump announced the new 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 stock traded as high as $58 a share on Friday.Business Insider
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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