Nike and Lululemon shares jump after Trump's positive chat with Vietnam on tariffs
Seeking Alpha News (Fri, 04-Apr 12:02 PM)
Shares of Nike (NYSE:NKE) and Lululemon (NASDAQ:LULU) took a positive turn on Friday after President Donald Trump posted on his social media platform about a "very productive call" with Vietnam's leaders regarding reciprocal tariffs.
"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 U.S. I thanked him on behalf of our country and said I look forward to a meeting in the near future," Trump said in a post Friday on Truth Social.
LULU shares are up 3.4%, and NKE rose 4.5% in reaction to the post by Trump.
Lululemon and Nike had a majority of their manufacturing moved into Vietnam from China to sidestep the worsening trade relationship between Washington and Beijing. However, during "Liberation Day," Trump imposed a 46% tariff on merchandise imported from the Southeast Asian country.
The reciprocal tariffs are set to take effect on April 9.
More on Lululemon, Nike, etc.
- Nike: It May Seem Like It, But The Drawdown Isn't Over, Tariffs Add Fuel To The Fire
- lululemon athletica: President Trump's Reciprocal Tariffs Kill The Turnaround Story For Now
- Lululemon Q4 2024 Earnings Update
- Nasdaq Composite slides into bear market territory
- Lululemon shares roiled by Vietnam exposure