United States President Trump has been hard at work since returning to the Oval Office following his defeat of Democratic nominee Kamala Harris in last November’s presidential election.
Trump has signed a flurry of executive orders, with some testing the limits of the executive branch’s powers, leading to federal judges temporarily blocking some of the moves.
Trump has also threatened tariffs against other countries in an effort to reassert U.S. dominance in the global markets. However, it appears that the tariffs are having disastrous consequences on one of the U.S.’s top 100 companies by market cap.
Nike, which has become the face of sportswear across the globe and supplies the official uniforms for the MLB, NBA, and NFL, is really feeling the pressure after Trump revealed his exact tariff numbers aimed at foreign countries.
Taiwan was hit with 32% tariffs, which is leading to some pressure for Nike in the stock market. Nike has over 450,000 employees in Taiwan, per Wall Street editor at the Economist, Mike Bird.
Bird provided a snapshot on Twitter of Nike’s stock market performance in the post-market hours following Trump’s announcement, and it’s an ugly picture.
This could have a direct influence on the performance of Oregon Ducks in their various sports, as Nike is a massive part of the school’s NIL strategy to attract top-rated athletes.
It’ll be interesting to see what other companies are affected by the massive losses currently being reflected in the stock market.
About Qwame Skinner
Qwame Skinner has loved both writing and sports his entire life. In addition to his sports coverage at Comeback Media, Qwame writes novels, and his debut; The First Casualty, an adult fantasy, is out now.