Sports group Nike has said it will seek to reduce its imports of shoes from China in the face of rising tariff rates.

It said on releasing its results for the year ending May 31, 2025 that its revenues were down 10%, reaching $46.3 billion. Footwear sales brought in $29.5 billion, a fall of 12% year on year.

Chief finance officer, Mike Friend, commented that Nike is already among the top payers of tariffs to the US government. But he said that increases in tariff rates will add $1 billion to the company’s costs this year.

China is the country of origin of 16% of Nike footwear imports into the US at the moment. Mr Friend said the company will seek to bring China’s share down to less than 10%. 

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