- Nike stock recovers after Vietnamese leader reaches out to Trump.
- Trump says he will set a meeting with General Secretary To Lam.
- NKE stock dropped 14.4% on Thursday in response to Trump’s 46% tariff on Vietnam.
- Dow Jones Industrial Average sheds 4.6% at the time of writing.
Nike (NKE) shares surged over 5% around lunchtime in New York on Friday after US President Donald Trump said he spoke with the leader of Vietnam.
Vietnam is where the sport apparel and footwear maker produces the great bulk of its products. In fact, Nike-related factories employ about half a million Vietnamese.
On Wednesday, Trump announced a 46% tariff on goods imported from Vietnam, a policy that would drastically impact Nike’s operations. Nike stock slid 14.4% on Thursday in response to the tariff announcement.
“Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their tariffs down to ZERO if they are able to make an agreement with the US,” Trump wrote. “I thanked him on behalf of our country and said I look forward to a meeting in the near future.”
Post from Donald Trump on Truth Social – 4/4/2025
The news sent NKE stock from an intraday low of $52.50 to an intraday high of $58.88. Before the news, Nike shares had fallen beneath a two-year-old bottom trendline that began in September 2023. However, it quickly recovered.
Lululemon (LULU), which also produces much of its gear in Vietnam, saw its share price recover somewhat on Friday as well. These movements are in stark contrast to the overall market sentiment. The Dow Jones Industrial Average (DJIA) has lost 4.6% at the time of writing, while the S&P 500 and NASDAQ plunge over 5%.
NKE daily stock chart
Read the full article here