U.S. sports goods giant Nike is expected to raise the prices of its footwear, apparel, and equipment as early as this week because of the tariff impact on the retail industry, as CNBC reported on Wednesday (Eastern Daylight Time).
Many Nike products will be involved in the price hike, ranging from 2 to 10 U.S. dollars, while children products and items priced under 100 dollars will not be involved, CNBC cited source.
The hike will be 5 dollars for Nike footwear priced between 100 and 150 dollars, while 10 dollars for sneakers above 150 dollars, the source said, adding that prices for its apparel and equipment for adults will go up by 2 to 10 dollars.
The prices will be raised no later than June 1, but the hike may be visible on shelves as early as this week, the person said.
Earlier this month, the Footwear Distributors and Retailers of America (FDRA) sent a letter signed by 76 footwear brands, including Nike, Adidas, Skechers, and Under Armour, to the White House to ask for tariff exemption, saying that President Donald Trump's tariffs pose an "existential threat" to the industry.
Meanwhile, U.S. consumer sentiment dropped further in May, with the index down to 50.8 this month from a final reading of 52.2 in April, while one-year inflation expectations rose to 7.3 percent from 6.5 percent in April, according to the University of Michigan Surveys of Consumers.
Nike to raise product prices because of Trump tariff effect
Iranian Foreign Minister Seyed Abbas Araghchi said on Monday that the situation in Iran is "under total control" following violence linked to protests that spiked over the weekend.
Addressing foreign diplomats in Tehran, the foreign minister noted that armed terrorist groups had infiltrated the protests, attempting to divert them from their legitimate course. He claimed that evidence has been gathered showing Iranian security forces being shot at, with the aim of causing further casualties. He accused the United States and Israel of exploiting the unrest to interfere in Iran's internal affairs.
Araghchi further stated that the government is closely monitoring developments on the streets, emphasizing that "the situation has come under control." He also affirmed that internet services, curtailed during the unrest, would be restored after coordination with security agencies.
The government has engaged in dialogue with merchants and protest representatives and initiated reforms to address grievances related to price hikes and currency depreciation. Iran has taken a series of actions and measures to respond to the demands of peaceful demonstrators, the foreign minister said.
Earlier on Sunday, Araghchi said that clear evidence links recent riots and vandalism of public facilities in Iran to the Israeli intelligence agency Mossad. This came after former U.S. Secretary of State Mike Pompeo mentioned Mossad agents operating on Iran's streets in a social media post. The Iranian foreign minister asserted that police are being attacked by "terrorists" acting under the direction of Israeli operatives, whom Pompeo publicly acknowledged.
The protests initially erupted over a sharp depreciation of the rial and sweeping subsidy reforms. Iranian authorities have blamed the unrest on foreign-linked agents and U.S. sanctions.
Iranian foreign minister says situation "fully under control," accuses Israeli intelligence of stoking unrest
