World
Nike’s Vietnam Manufacturing Shift Puts It in Trump’s Tariff Crosshairs

For the past two decades, Nike has worked to gradually diversify its manufacturing beyond China, with Vietnam emerging as the company’s most important market for production. On Wednesday afternoon, President Donald Trump announced reciprocal tariffs that will impact Vietnamese-made goods more than those from almost any other country.
The impact of those import tariffs will be far-reaching across the global economy—shortly after the announcement an S&P 500 ETF fell 2%. They will particularly impact the companies that import the bulk of their goods from the countries with the highest rates. On Trump’s list, Vietnam had the fourth highest rate at 46%, trailing only Cambodia (49%), Laos (48%) and Madagascar (47%).
In fiscal 2024, factories in Vietnam manufactured 50% of all Nike Brand footwear, by far its largest market. Factories in Vietnam also manufactured 28% of all Nike Brand apparel, also its largest market.
The second most important manufacturing market for Nike is likely China. The country accounts for 16% of Nike apparel manufacturing, second only to Vietnam, and 18% of footwear, third behind Vietnam and Indonesia. Trump’s new tariffs include a 34% rate on China-made goods, but White House officials told CNBC that the those tariffs would come on top of the 20% already imposed on Chinese imports. That implies a true tariffs rate of 54%.
Nike stock (NYSE: NKE) fell 7% in after-market trading.
Representatives for Nike didn’t immediately respond to an email seeking comment. Tariffs only came up once on the company’s latest earnings call on March 20, with CFO Matthew Friend mentioning specifically that the company’s latest guidance included newly implemented tariffs on imports from Mexico and China. Those tariffs are separate from the ones announced this week.
Throughout the 1990s Nike was frequently criticized for the labor conditions of its overseas factories, particularly those in China. Since then, the company has worked to diversify its supply chain. It’s not alone—U.S. companies of all sorts have spread out their manufacturing in that span, some searching for lower prices, others looking to insulate themselves from potential volatility and geopolitical relations between the U.S. and Chinese governments.
Vietnam quickly emerged as Nike’s most important market for manufacturing. In 2001, for example, Vietnam accounted for just 13% of the company’s footwear goods and was not included in a list of 12 countries that accounted for most of Nike’s apparel manufacturing, according to SEC filings. A decade later, in 2011, Vietnamese factories were making 39% of Nike’s footwear, its biggest market, and appeared to be third for apparel. It became the company’s most important country for apparel manufacturing for the first time in 2020 and has remained at the top in both categories ever since.
The Nike filings only list where the goods are made, and not where they are sold. That’s likely more relevant in China—many companies are more intentional about selling China-manufactured goods in China—than it is in Vietnam, which has a population that is about 1/14th of its northern neighbor.
Indonesian factories accounted for 27% of Nike footwear in 2024, according to the filing, which put it in front of China and behind Vietnam. Trump’s announcement included a 32% tariff on Indonesian goods. The third most important country for manufacturing Nike clothing was Cambodia, at 15% of the company’s apparel. The Cambodian tariff rate of 49% was the highest of any rate announced Wednesday.

World
Richard Linklater on Trump’s Film Tariff Threat: ‘That’s Not Going to Happen, Right? That Guy Changes His Mind Like 50 Times in One Day’

Richard Linklater sounded off on Trump’s tariff threat on foreign-made films during the Cannes press conference for his new film “Nouvelle Vague,” saying: “That’s not going to happen right?”
Linklater shot “Nouvelle Vague,” which chronicles the making of Jean-Luc Godard’s “Breathless,” in France. When asked if he had any thoughts on Trump’s recent threat to impose a 100% tax on films made outside of the U.S., the director doubted the viability of the proposal.
“The tariff thing, that’s not going to happen right? That guy changes his mind like 50 times in one day,” Linklater said. “It’s the one export industry in the U.S., it would be kind of dumb to… Whatever, we don’t have to talk about that.”
On if it has become more expensive to make films in the U.S., Linklater said: “I think the true indie film, the no-budget film, has cost the same for the last 60 years. It’s always about how much you have, so that doesn’t change much.”
Zoey Deutch, who plays “Breathless” leading lady Jean Seberg in the film, then chimed in to say that “it would be nice to make more movies in Los Angeles.”
“The history and the studios and the culture and the crews, it would be so beautiful,” she said. “I just finished doing a movie there and it was magical in the same way that Paris is magical and has this history. I would love for there to be more movies in Los Angeles.”
Linklater agreed and added that he “really admires” the French for “taking care” of their film industry. “They make sure it’s healthy and they nurture it and they help it. The government, everyone is all in,” he said. “From production to distribution, they care. And our country, the U.S., could use a little bit of that.”
“Nouvelle Vague” premiered at Cannes on Saturday night to an enthusiastic ovation. Guillaume Marbeck stars as Godard in “Nouvelle Vague,” with Aubry Dullin playing “Breathless” star Jean-Paul Belmondo. The movie is Linklater’s first project shot in French. Variety’s Owen Gleiberman called the movie a highlight of the 2025 festival, writing: “Guillaume Marbeck is so perfect as Jean-Luc Godard he’s uncanny. And so is the whole movie.”
Elsewhere in the conference, Linklater reflected on the current state of cinema, saying that he’s “optimistic” due to the passion he’s seen from young people, who he called the “Letterboxd generation.”
“Cinema is optimistic — it has to be,” Linklater said. “It always feels under attack, you know? I’ve had movies out for over 30 years now and it’s always, ‘Things are terrible, it’s tough.’ And it is tough, it’s a struggle — but it always has been.”
He continued: “There’s new threats, but there’s something perpetual. We like stories told to us, we like the format of feature films. There’s more films than ever being made, indie films, it’s just harder to get them seen. But we adapt.”
World
Pope Leo says family based on ‘union between a man and a woman,’ defends dignity of unborn

World, media react to election of Pope Leo XIV
OutKick writer Mary Katharine Ham and Democratic strategist Kevin Walling join MediaBuzz to discuss the election of Pope Leo XIV, the first American pope in history, and the U.S. trade deal with the U.K.
Pope Leo XIV has affirmed traditional Catholic doctrine regarding marriage, saying that it is founded on the “stable union between a man and a woman.”
The pope, who was elected to lead the Catholic Church on May 8, was making his first major remarks as pontiff during a private audience with the Vatican’s diplomatic corps on Friday, where he also stressed the inherent dignity of the frail and vulnerable, including the unborn, elderly and immigrants.
“It is the responsibility of government leaders to work to build harmonious and peaceful civil societies,” the pope said. “This can be achieved above all by investing in the family, founded upon the stable union between a man and a woman.”
While Pope Francis also said the Church could not accept same-sex marriage, conservatives accused the late pontiff of sowing confusion among the faithful by being more welcoming than his predecessors to LGBTQ people and approving the blessing of individuals in same-sex relationships.
Pope Leo XIV speaking with members of the Diplomatic Corps on a number of topics including family (Vatican Media)
FOOTBALL LEGEND LOU HOLTZ CALLS ON CATHOLICS TO ‘DEFEND AND ENCOURAGE’ POPE LEO XIV
Pope Leo, the first American to lead the Catholic Church and a member of the Augustinian order, reaffirmed the Church’s position against abortion, called for protection of religious freedom and said he would continue to pursue inter-religious dialogue.
“No one is exempted from striving to ensure respect for the dignity of every person, especially the most frail and vulnerable, from the unborn to the elderly, from the sick to the unemployed, citizens and immigrants alike,” Leo said.
The gathering with the Vatican’s diplomatic corps is standard protocol following the election of a new pope and allows him to greet representatives of world governments ahead of his formal installation Mass on Sunday. Vice President JD Vance, Secretary of State Marco Rubio and Ukrainian President Volodymyr Zelenskyy, along with many other world leaders, will attend the mass, the Vatican said.
In emphasizing dignity for immigrants, Pope Leo noted that his own family had immigrated to the United States. His remarks could lead to friction with President Donald Trump, who seeks to deport millions of illegal immigrants from the U.S. Trump and Pope Francis also publicly clashed on immigration.

Pope Leo XIV meets with the Diplomatic Corps prior to his inaugural mass. (Vatican Media)
MEDIA POSITIONS POPE LEO XIV AS POTENTIAL ‘COUNTERWEIGHT’ TO TRUMP
“My own story is that of a citizen, the descendant of immigrants, who in turn chose to emigrate,” Pope Leo told ambassadors at the Vatican.
“All of us, in the course of our lives, can find ourselves healthy or sick, employed or unemployed, living in our native land or in a foreign country, yet our dignity always remains unchanged. It is the dignity of a creature willed and loved by God,” he added.
Pope Leo’s father was of French and Italian descent, while his mother was of Spanish descent.

Pope Leo XIV appears at the balcony of St. Peter’s Basilica at the Vatican, on May 8, 2025. (Andrew Medichini/AP)
Pope Leo called on attendees to keep in mind three essential words – “peace,” “justice” and “truth” – and said that they represent the pillars of the church’s missionary activity and the aim of the Holy See’s diplomacy.
Truth, for instance, he said, “does not create division, but rather enables us to confront all the more resolutely the challenges of our time, such as migration, the ethical use of artificial intelligence and the protection of our beloved planet Earth.”
“These are challenges that require commitment and cooperation on the part of all, since no one can think of facing them alone.
Reuters and The Associated Press contributed to this report.
World
Severe storms kill at least 21 across US Midwest and South

Severe weather sweeping across the American Midwest and South has left at least 21 people dead, with officials warning that the death toll may rise.
In Kentucky, at least 14 people were confirmed dead, with local authorities saying nine people were killed after what appeared to be a powerful tornado touched down in the south-eastern part of the state.
Structures collapsed, and a car was flipped on a motorway as the storm ripped through the largely rural area. Authorities said there were also multiple reports of serious injuries.
While the US’s National Weather Service has not yet confirmed that it was a tornado which struck Kentucky, meteorologist Philomon Geertson said it was likely.
“Lives have been changed forever here tonight. This is a time we come together, and we pray for this community,” said the mayor of London, Kentucky, Randall Wendle. “I have never personally witnessed what I’ve witnessed here tonight.”
Only two months ago, severe weather caused at least 24 deaths and widespread damage in Kentucky. Hundreds had to be rescued during that storm.
Missouri pounded by storms
At least seven people were killed in neighbouring Missouri and tornadoes were also triggered in Wisconsin by the severe weather.
More than 600,000 homes and businesses across a dozen states lost power as of Saturday, with Missouri and Kentucky among the hardest hit.
St. Louis mayor Cara Spencer confirmed the deaths of at least five people in the city and said more than 5,000 homes were damaged.
“This is truly, truly devastating,” she said. “The loss of life and the destruction is truly, truly horrendous.”
The city’s fire department said three people had to be rescued after part of a nearby church collapsed, but one of these people died. A curfew was imposed Friday night in the neighbourhoods damaged the most.
The US National Weather Service said tornadoes also hit Illinois, with more severe weather conditions expected all the way to the Atlantic coast.
The total number of injured was not immediately available. However, hospitals in area reported receiving dozens of injured – some in serious condition.
Additional sources • AP
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