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Nike's shares surged after announcing a shift of some production from China to mitigate tariffs, despite warning of roughly a $1 billion cost from Trump-era tariffs. These tariffs will lead to price increases starting this fall. This follows similar announcements from Walmart. Nike aims to reduce Chinese footwear production to the high single digits by 2026. Despite the tariff impact and a reported slight brand fatigue, Nike reported better-than-expected quarterly profits of $211 million on $11.1 billion in revenue.

Prepared by Christopher Adams and reviewed by editorial team.