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New US tariffs to cost Nike $1 bn this year

In a conference call on June **, the brand’s chief financial officer Matthew Friend spoke of the negative impact Donald Trump’s new tariffs are causing.

“Over the past fifty years Nike has built a globally expansive supply chain that is responsive and resilient, and we have strong relationships with our factory partners,” he said. “Nike has consistently been a top payer of US duties, with an average duty rate on footwear imported into the US in the mid-teens range. Therefore, these tariffs represent a new and meaningful cost headwind. With the new tariff rates in place today, we estimate a gross incremental cost increase to Nike of approximately $* billion.”