Nike announces fall price hikes due to tariffs and will reallocate production from China to reduce their impact

Sporting goods company Nike will raise prices for consumers in the fall as a result of tariffs imposed on products from China. Nike aims to cut imports from China from 16% to single-digits by relocating production to other countries. The decision comes amid its worst financial results in three years, with revenues of $11.1 billion. Chief executive Elliott Hill remains optimistic about the company's future amid the trade wars.