New York CNN —
Nike is forecasting it will have to pay $1 billion in additional costs because of President Donald Trump’s tariffs, the activewear giant announced Thursday.
The tariffs “represent a new and meaningful cost headwind,” said Matthew Friend, Nike’s chief financial officer on a call with analysts, adding that the company will “fully mitigate” the cost by reducing its supply chain reliance on China – and by passing the costs onto customers with price increases.
Although China “remains important to our global source base,” he said, the company is reducing the imports
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