Shares of Nike and other U.S. apparel companies surged Friday after President Donald Trump said he had a "very productive call" with Vietnam's top leader, signaling possible relief from sweeping tariffs imposed earlier this week.
Trump revealed the update on Truth Social, writing that General Secretary To Lam of the Communist Party of Vietnam expressed willingness to cut tariffs to zero "if they are able to make an agreement with the U.S." Trump added, "I thanked him on behalf of our Country, and said I look forward to a meeting in the near future."
The development comes just days after Trump imposed a 46% tariff on Vietnamese goods, citing currency manipulation and trade barriers. Vietnam, which exported approximately $136.6 billion worth of goods to the U.S. last year, had been expected to be among the hardest-hit by the new duties.
Vietnam responded early Friday with a formal request to delay implementation of the tariff for three months while the two nations negotiate. A statement released by the Vietnamese government said it "will continue to push for solutions" that preserve access to U.S. raw materials and equipment.
U.S. companies heavily reliant on Vietnamese manufacturing saw immediate market reactions:
- Nike Inc. rose 4.7%
- Crocs Inc. gained 4.2%
- Foot Locker Inc. climbed 5%
- Deckers Outdoor Corp. added 5%
- VF Corporation rose 3.2%
- Lululemon Athletica Inc. advanced 3.4%
- Wayfair Inc. gained 2.6%
Nike, which produces about half its footwear and more than a quarter of its apparel in Vietnam, had fallen sharply earlier in the week, dropping 14% immediately after Trump unveiled his tariff policy.
