Sportswear company to reduce manufacturing in China to soften the impact of US trade policies

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Nike has said it expects costs to increase by about $1bn (£728m) as a result of Donald Trump’s tariff war as the sportswear company looks to reduce its manufacturing in China.

The market value of the company has dropped by a third over the past year and it is taking action to reduce the hit, including increasing prices in the US and sourcing from other countries.