Nike warns $1.5 billion in Trump tariff costs could hinder struggling sports giant’s comeback
US sportswear giant predicts eye-watering costs due to Trump’s tariffs
- Nike anticipates a significant increase in tariff-related costs, now projected at $1.5billion, up from $1 billion, despite a recent unexpected rise in sales.
- Other large US companies, such as Apple, are also forecasting substantial tariff-related expenses, with Apple anticipating $1.1 billion.
- The administration's tariffs are now impacting the wider economy, with small businesses reporting significant financial pressure.
- New levies have been announced on various goods, adding to existing tariffs that have already generated over $214 billion in revenue.
- A survey of CEOs revealed that two-thirds felt tariffs had harmed their businesses, and the Supreme Court is currently reviewing the legality of the president's emergency tariff measures.