Nike’s lost a third of its value in 41 days
Tied up from tariffs, Nike has now lost a third of its value from a recent high on February 25, just 41 days ago.
Shares of the sneaker kingpin were down more than 6% on Monday, a drop of more than $28 per share from late February. Aside from the broader market sell-off, the stock appears to be getting dinged by the Trump admin’s apparent rejection of Vietnam’s tariff negotiation offer. Vietnam said it would slash tariffs on US goods to zero if the US would agree to delay its levies against the country’s imports.
Vietnam, China, and Indonesia are responsible for 95% of Nike’s shoe production, and all three countries were smacked with tariffs of more than 30% last week. The company’s 13% drop on Thursday marked its lowest close in almost eight years.
