Nike projects an additional $1 billion in costs this year due to President Trump's tariffs. To mitigate this, the company plans to reduce its reliance on Chinese manufacturing, aiming to cut its share of US-bound footwear produced in China from 16% to a high single-digit percentage by 2026. Despite reporting its worst quarterly figures in over three years, Nike's shares rose after exceeding revenue expectations. The company has already announced price increases on some products.

Prepared by Christopher Adams and reviewed by editorial team.