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Stock Movers: Nike Plunges, Apple's Supply Chain Hit and GM Downshifts
Posted
April 3, 2025
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April 3, 2025
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2:56Now PlayingGet more equity coverage like this on the Stock Movers podcast from Bloomberg, featuring five-minute episodes on the winners and losers in the stock market.
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On this episode of Stock Movers:
• Nike (NKE) is among US and European sneaker, clothing and jewelry makers that plunged amid a shock to supply chains after President Donald Trump announced new tariffs on crucial production countries including Vietnam and Indonesia. The US imposed a 46% tariff rate on Vietnamese goods as part of Trump’s growing global trade war. Other new tariffs include 49% on Cambodia and rates of more than 30% on China, Indonesia and Thailand. Nike shares fell as much as 13% in New York trading, hitting the lowest level since 2017.
• Apple (AAPL) is finding itself squarely in the crosshairs of new US tariffs, even after a years-long effort to insulate the iPhone maker from trade wars and supply chain disruptions. A long list of levies unveiled by the White House are poised to hit the company especially hard, triggering a stock rout. The new reciprocal tariffs — a tax on imported goods in response to existing tariffs — will reach 34% for China. That would bring the total rate on Chinese goods to 54%, threatening to roil an Apple supply chain that still has the Asian country at its heart.
• General Motors (GM) shares fell along with other leading automakers and the rest of the market after trading began Thursday. General Motors was down 2% at 9:32 a.m. in New York. Jeep-maker Stellantis NV plans to temporarily halt some production in Canada and Mexico. Ford Motor Co. began offering steep discounts to keep customers coming to showrooms. And Volkswagen AG warned dealers that it will tack on import fees to the vehicles it ships to the US.
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