Nike Inc (NKE.US) shares rose 4.7% after President Donald Trump reported a "constructive call" with Vietnamese General Secretary To Lam, who expressed interest in reducing tariffs to zero through a U.S. agreement.
This development comes just days after Trump announced a 46% tariff on Vietnamese goods. The news particularly benefits Nike, which manufactures about 95% of its shoes in Vietnam, China, and Indonesia.
Other apparel companies also saw gains, including Lululemon (3.4%), Crocs (4.2%), and Foot Locker (5%), as retailers who previously shifted production from China to Vietnam during Trump's first term now see potential relief from new tariffs.
Nike (D1)
The shares are at the levels last seen in 2019. Both RSI and MACD are strongly oversold. Source: xStation
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