Tariffs cost Nike $1 billion

However, Nike said it will continue to operate in places like China.

Transcript

00:00Just weeks after Nike warned it would hike prices due to tariffs, we now know the damage

00:05from the levies, a billion dollar hit in its current fiscal year.

00:09However, even with the increased costs, Nike will continue to operate in China.

00:14Its finance chief told analysts on its earnings call, despite the current elevated tariffs

00:18for Chinese products imported into the US, manufacturing capacity and capability in China

00:23remains important to their global source base.

00:27Nike currently has 16% of its supply chain in China.

00:31As for the price hikes, back in May, Nike said that apparel and equipment for adults will

00:35see $2 to $10 price increases, footwear above $100 is going up between $5 and $10, children's

00:42items and anything under $100 will stay the same, Jordan brand apparel and accessories will

00:48be unchanged as well, but Jordan sneakers will cost more.

00:52That'll do it for your daily briefing from the New York Stock Exchange.

00:54I'm Caroline Woods with The Street.

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00:58I loved you because common price is actually $400.

00:59That you can get paid inUSPatri

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01:10in months.

01:11So they don't have to pay Baniso food�'s bank.

01:12These are for protected resources that have been fulfilled in most of the

01:13corporate credit to the negligible Dynamics who have been