Nike Stock Plunges Due To Trump Tariffs
Trump’s Tariffs Cause Stocks For Nike And Other Sportswear Companies To Plunge In Panic
President Donald Trump’s tariff war with, well, basically every nation that won’t bow to him continues to wreak havoc on international trade and the U.S. stock market — and Nike is among its latest victims. According to Complex, Nike’s stock plunged this week after Trump announced a new wave of tariffs on imports, which, at this point, it’s clear he did because he will always prioritize his own idiocy over the myriad of top economists (including the ones his administration has cited) who have told him tariffs don’t work the way he thinks they do, as well as the observable negative effect they have had on the stock market.
From Complex:
The plunging stock prices of Nike are a direct response to Trump’s tariffs of 10 percent for all imports taking effect on April 5, with steeper tariffs on imports from select countries being imposed on April 9. For the latter, the higher tariffs include 34 percent on imports from China, 32 percent on imports from Indonesia, and 46 percent on imports from Vietnam. Nike said in an SEC filing last year that factories made roughly 50 percent of its footwear in Vietnam, 27 percent in Indonesia, and 18 percent in China.
Nike isn’t the only sportswear company being affected by the news of the tariffs. Stock prices took a huge tumble for brands like Adidas (16 percent), Crocs (15 percent), On (15 percent), Under Armour (17 percent), and others on Thursday, with percentages expected to fluctuate throughout the day.
Ahh well — maybe Trump can help all of these companies his policies are driving into ruin by staging commercials for them in front of the White House. It worked for Tesla, didn’t it? (Spoiler alert: No — no, it did not.)
Trump has dubbed his latest wave of sweeping tariffs the “Liberation Day” tariffs, but, so far, the only thing he seems to be liberating is the will of global investors to take interest in American businesses. Trump certainly isn’t offering the average Joe finantial liberation as economists seem to be pretty damn certain consumers will be the ones eating the costs of Trump’s tariffs. (Again, even Trump’s own economists have said so.)
So far, Trump’s self-inflicted tariff debacle has resulted in nothing but bad press for his administration and bad news for stockholders and consumers alike. And he just keeps throwing more bad ideas on top of his previous bad ideas and promising America we’ll end up on top.
How long are we, as a nation, going to keep falling for it?
