Nike stock jumps as Trump says Vietnam is negotiating on tariffs
Trump said he had a "very productive call" with a top Vietnamese official on lowering duties on US imports from the nation.
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- Nike stock got a boost on Friday after Trump said he was negotiating with Vietnam on tariffs.
- The president proposed a 46% duty on goods imported from Vietnam this week.
- 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 around $58 a share mid-day Friday after Trump suggested the US was in talks with Vietnam on potentially reducing the US's tariff rate on the country. Business Insider
Nike dropped 14% the day after Trump unveiled his latest tariff plan which included a 46% duty on goods imported from Vietnam. Nike made half of its footwear and more than a quarter of its apparel in Vietnam last year, according to the firm's annual report.
Early Friday, Vietnam asked the Trump administration to delay its tariff for up to three months while it negotiates trade terms.
According to a statement released by the Vietnamese government, the nation will continue to push for solutions that will 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 completely, Trump said, adding that he was looking forward to another meeting "in the near future."
Vietnam was expected to be among the countries hardest-hit by Trump's latest tariffs package.
Last year, the US imported around $136.6 billion worth of goods from Vietnam. Communications equipment and apparel were among the largest import categories by dollar value.
