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
EU Migration Commissioner: ‘We need the trust of the people back’
EU Migration Commissioner Magnus Brunner sees the new Pact and Asylum and Migration on track to tackle an issue that has been feeding populism for many years. He also defends negotiating with the Taliban and initiatives to negotiate ‘return hubs’ with non-EU countries.
World
Shu Qi’s Directorial Debut ‘Girl’ Opens Singapore International Film Festival to Record-Breaking Ticket Sales
The Singapore International Film Festival launched its 36th edition with international star Shu Qi‘s first feature as director, marking the event’s most successful opening in its history.
The festival opened on Nov. 26 at Sands Theatre, Marina Bay Sands, with Shu Qi’s “Girl,” a semi-autobiographical drama set in 1980s Taipei. The director attended alongside lead actor Bai Xiao-Ying and actor-singer 9m88, joining festival ambassador Rebecca Lim and guest of honor Josephine Teo, Singapore’s Minister for Digital Development and Information.
Ticket sales surged 52% compared to the same period last year, with 33 sold-out screenings to date — four times the number from 2024. The festival is on track to achieve the highest box office sales in its 36-year history.
Much of the buzz centered on Hong Kong cinema icon Tony Leung’s appearance at a special presentation of “Silent Friend.” Both that screening and his “In Conversation With Tony Leung” session sold out within 10 minutes of tickets going on sale, ranking among the hottest tickets in SGIFF history.
Local productions also drew strong interest. Singaporean films “The Old Man and His Car” and “Sandbox” sold out within a day. Japanese titles including “Kokuho,” “Two Seasons Two Strangers” and “Bring Me Down to Portable Size” were among the fastest-selling international films. All titles connected to Shu Qi, including “Girl” and “Resurrection,” have sold out.
“This year’s response has been truly overwhelming,” said Jeremy Chua, general manager of SGIFF. “The energy we’ve seen from audiences emphasizes the value of the collective experience of film. It has been a challenging year for the cinema landscape in Singapore, but what we are witnessing through SGIFF is proof that there is demand for cinema.”
The festival runs through Dec. 7, showcasing over 120 films from more than 45 countries, including over 30 made-in-Singapore productions and co-productions. The lineup focuses on stories of identity, resilience and rediscovery.
This year’s “In Conversation With” series features filmmaker Deepa Mehta, recipient of the Cinema Honorary Award; Oscar-winning actor Youn Yuh-jung, who receives the Screen Icon Award; and Hollywood-based Singaporean actor Chin Han.
Marina Bay Sands continues its partnership with the festival, hosting the opening film and two “In Conversation With” sessions. Paul Town, chief operating officer of Marina Bay Sands, said the integrated resort’s venues provide an ideal setting for celebrating art and film.
A frequent collaborator with Taiwanese director Hou Hsiao-hsien, Shu Qi embarked on filmmaking at his suggestion. “Girl” premiered at Venice and won her the best director award at Busan International Film Festival. The film follows 10-year-old Hsiao-lee in 1980s Taipei as she navigates domestic dysfunction and forms a friendship with a precocious transfer student.
As an actor, Shu Qi has appeared in over 90 films, including three collaborations with Hou: “The Assassin,” “Millennium Mambo” and “Three Times.” She has won two Golden Horse Awards and three Hong Kong Film Awards.
The opening night red carpet drew prominent figures from Singapore’s entertainment industry, including Chin Han, Tan Kheng Hua, Lim Kay Tong, Hong Hui Fang, Jack Neo, Qi Yuwu, Yvonne Lim, Tay Ping Hui, Jeanette Aw, Lim Yu Beng, Irene Ang, Nathan Hartono and Benjamin Kheng.
The Singapore International Film Festival is part of the Singapore Media Festival 2025, hosted by the Infocomm Media Development Authority.
World
Fire tears through Hong Kong housing complex, killing at least 36 with hundreds missing
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At least 36 people were killed and hundreds are missing after a fire engulfed several high-rise residential towers in Hong Kong’s Tai Po district Wednesday.
John Lee, Hong Kong’s chief executive, said at a press conference that 279 people are missing, and 29 people have been hospitalized, including seven in critical condition.
“Police and the Fire Services Department have already set up a dedicated investigation team to investigate the cause of the fire,” Lee told reporters.
Hong Kong’s Fire Services Department said it received reports of a blaze breaking out at the Wang Fuk Court in Tai Po, a district in the northern New Territories, around 2:50 p.m.
EXPLOSION ROCKS SENIOR LIVING APARTMENT BUILDING IN OHIO, MULTIPLE PEOPLE INJURED
Flames engulf bamboo scaffolding across several buildings at Wang Fuk Court housing estate in Tai Po, Hong Kong, on Nov. 26, 2025. (Tyrone Siu/Reuters)
The fire was upgraded to a No. 5 alarm, the most severe rating in Hong Kong, by 6:22 p.m.
In a government statement, the department said nine people were taken to the Alice Ho Miu Ling Nethersole Hospital and the Prince of Wales Hospital.
Tang Ping-keung, the secretary for security of Hong Kong, said one fireman died after sustaining injuries while battling the blaze.
“I am profoundly grieved at the passing of Mr Ho, who lost his life in the course of an operation. I offer my deepest condolences to his family members,” Tang said.
Firefighters work to extinguish flames engulfing bamboo scaffolding across multiple buildings at the Wang Fuk Court housing estate in Tai Po, Hong Kong, on Nov. 26, 2025. (Tyrone Siu/Reuters)
Photos from the scene showed the bamboo scaffolding of the towers engulfed in flames and thick, dark smoke pouring out of multiple floors.
Firefighters were working to extinguish the blaze, and one man was photographed in visible distress, saying his wife was trapped inside.
LA FIREFIGHTERS ORDERED TO LEAVE FIRE THAT EXPLODED INTO PALISADES FIRE DAYS LATER: REPORT
Wong, 71, reacts after claiming his wife is trapped inside Wang Fuk Court during a major fire in Tai Po, Hong Kong, on Nov. 26, 2025. (Tyrone Siu/Reuters)
Chan Kwong-tak, an 83-year-old retiree living in the community, told The South China Morning Post that the fire alarms failed to go off when the blaze broke out, even though the buildings were equipped with them.
“If someone was sleeping then, they were done,” he said.
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Tai Po’s former district councillor, Herman Yiu Kwan-ho, also told the outlet that residents reported not hearing the fire alarms go off even after they detected the smell of smoke. He said they were only warned when a security guard knocked on their doors, giving them little time to get out.
The Tai Po District Office opened temporary shelters for people in need at the Kwong Fuk Community Hall and the Tung Cheong Street Community Hall.
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