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Nike says US trade policies could cost it $1bn

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Peter Hoskins

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Natalie Sherman

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EPA-EFE/REX/Shutterstock A woman walks past a Nike store in Beijing, China, 8 April 2025.EPA-EFE/REX/Shutterstock

Nike says US President Donald Trump’s tariffs on key trading partners could add around $1bn (£730m) to it costs this year.

Company executives also said the the sportwear giant would cut its reliance on producing goods in China to ease the impact of US trade policies.

Last month, Nike said it would raise prices on some trainers and clothing in the US from early June, weeks after rival Adidas warned it would have to hike the cost of goods due to tariffs.

Nike’s shares jumped by more than 10% in extended trading after the firm forecast a smaller drop in first quarter revenue than many analysts had expected.

The company’s earnings for the last three months also topped estimates, despite being its worst quarterly figures for more than three years.

Nike announced fourth quarter revenue of $11.1bn – the lowest since the third quarter of 2022.

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Chief financial officer Matthew Friend said Nike would move some production from China, which was hit with the biggest tariff increases, to other countries in response to Trump’s tariffs.

China currently manufacturers 16% of Nike footwear that ends up in the US. Mr Friend said that figure would be cut to a “high single-digit percentage range” by the end of May 2026.

Trump announced sweeping “Liberation Day” tariffs on most goods from countries around the world on 2 April.

In April, he suspended most of those tariffs to allow for talks with the affected countries, with one top adviser promising “90 deals in 90 days”.

The move dropped tariffs to 10%, instead of the far higher rates that goods from many trading partners faced.

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The White House is now facing growing questions about what the president is planning to do about tariffs, as the 90-day pause is due to expire on 9 July.

In remarks at the White House on Thursday, Trump maintained that talks were going well, pointing to an agreement reached with China and saying there was another “coming up with India, maybe”.

But he also warned “We’re not going to make deals with everybody”.

“Some we’re just going to send them a letter, say thank you very much. You’re going to pay 25, 35, 45%. That’s the easy way to do it,” he said.

“My people don’t want to do it that way. They want to do some of it, but they want to make more deals than I would do,” he added.

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Commerce Secretary Howard Lutnick later told Bloomberg that the agreement with China formalised terms laid out in trade talks, which included a commitment from Beijing to deliver rare earths minerals used in everything from planes to wind turbines.

Treasury Secretary Scott Bessent has previously raised the possibility that Trump could extend the deadline, depending on how talks are going.

On Thursday, White House spokesperson Karoline Leavitt said both that the deadline was “not critical” and that Trump was prepared to present countries with “deals” that would set new tariff rates.

The US and China announced an agreement earlier this month aimed at ensuring US supply to critical magnets and rare earths, after concerns about access had risked re-igniting trade tensions between the two economic superpowers.

At the White House on Thursday, Trump said he had “signed” a deal with China without giving further details. “The administration and China agreed to an additional understanding for a framework to implement the Geneva agreement,” a White House official said later.

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Trade between the two sides was nearly shut down after Trump raised tariffs and China hit back in a barrage of tariffs in April that had nearly shut down trade between the two countries.

The US and China subsequently agreed to reduce – but not eliminate – those tariffs.



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Early intelligence suggests Iran’s uranium largely intact, European officials say

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Preliminary intelligence assessments provided to European governments indicate that Iran’s highly enriched uranium stockpile remains largely intact following US strikes on its main nuclear sites, two officials have said.

The people said the intelligence suggested that Iran’s stockpile of 408kg of uranium enriched close to weapons-grade levels was not concentrated in Fordow, one of its two main enrichment sites, at the time of last weekend’s attack.

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It had been distributed to various other locations, the assessments found.

The findings call into question US President Donald Trump’s assertion that the bombing had “obliterated” Iran’s nuclear programme.

In an apparent reference to Fordow, Trump wrote on his Truth Social platform on Thursday: “Nothing was taken out of [the] facility. Would take too long, too dangerous, and very heavy and hard to move!”

The people said EU governments were still awaiting a full intelligence report on the extent of the damage to Fordow, which was built deep beneath a mountain near the holy city of Qom, and that one initial report suggested “extensive damages, but not full structural destruction”.

Iranian officials have suggested the enriched uranium stockpile was moved before the US bombing of the plant, which came after days of Israeli strikes on the country.

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At a Pentagon press briefing on Thursday, US defence secretary Pete Hegseth sidestepped questions about whether Iran had taken the uranium out of Fordow before the strikes.

When pressed by reporters, Hegseth said: “I’m not aware of any intelligence that I’ve reviewed that says things were not where they were to supposed to be, moved or otherwise.”

The US used bunker-buster bombs to attack Fordow and Natanz, Iran’s other main uranium enrichment facility, on Sunday. It fired cruise missiles at a third site, Isfahan, which was used in the fuel conversion cycle and for storage.

Trump has dismissed a provisional American intelligence assessment, leaked to US media, that said Iran’s nuclear programme had been set back by only a matter of months.

Hegseth lambasted the media on Thursday for focusing on the report, which the US Defense Intelligence Agency had later stressed was a “preliminary, low-confidence assessment”.

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The Israel Atomic Energy Commission said this week that it had assessed that US and Israeli strikes had “set back Iran’s ability to develop nuclear weapons by many years”.

But experts have warned that if Tehran has retained its stockpile of enriched uranium and set up advance centrifuges at hidden sites, it could still have the capacity to produce the fissile material required for a weapon.

Rafael Grossi, director-general of the International Atomic Energy Agency, told French Radio on Thursday that Iran’s nuclear programme had “suffered enormous damage”, though he said claims of its complete destruction were overblown.

Iran insists its programme is for peaceful civilian purposes.

Fordow was the main site for enriching uranium up to 60 per cent purity, a small step away from weapons grade. Experts said the 408kg stockpile of uranium enriched to 60 per cent had been stored at Fordow, Natanz and Isfahan before Israel launched its war against Iran on June 13.

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Iran’s total stockpile of enriched uranium was more than 8,400kg, but most of that was enriched to low levels.

Satellite images of Fordow after Sunday’s bombing show tunnel entrances apparently sealed with earth and holes that may be the entry points of the US’s 30,000lb precision-guided bunker busters. Access roads also appear damaged.

Grossi said this week that Iranian foreign minister Abbas Araghchi had sent a letter to the IAEA on June 13 warning that Iran would “adopt special measures to protect our nuclear equipment and materials”.

Grossi said the UN nuclear watchdog’s inspectors, who have been unable to visit the plants since Israel launched its assault on Iran, should be allowed to return to the sites to “account for the stockpiles of uranium, including, most importantly, the 408kg enriched to 60 per cent”.

The US had not provided definitive intelligence to EU allies on Iran’s remaining nuclear capabilities following the strikes, and was withholding clear guidance on how it plans future relations with Tehran, said three officials briefed on the discussions.

EU policy towards Tehran was “on hold” pending a new initiative from Washington on seeking a diplomatic solution to the nuclear crisis, the people said, adding that conversations between Trump and EU leaders this week had failed to provide a clear message.

The Trump administration had been holding indirect negotiations with Tehran before the war in the hopes of a deal to curb its nuclear activities.

Trump said on Wednesday that Washington would talk to Tehran next week, but he also suggested a deal might not be needed following the strikes on Iran’s nuclear plants.

“It is completely erratic,” said one of the people. “For now, we are doing nothing.”

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Serena Williams partners with Reckitt to back founders

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Ace move. Serena Williams, a 23-time Grand Slam singles champion and four-time Olympic gold medalist, is doubling down on her next chapter of backing the kinds of founders often overlooked by traditional venture capital: women, people of color, and entrepreneurs solving critical challenges in underserved markets.

Last week, the tennis legend and investor was named the first-ever entrepreneur-in-residence at Reckitt, the British consumer health giant behind brands like Lysol, Durex, and Enfamil. In this new role, Williams will help mentor and scale startups focused on hygiene, maternal care, and health equity—sectors that remain chronically underfunded despite rising demand. Women-led startups receive less than 3% of global venture funding despite research showing they consistently outperform male-led companies.

“Bold, innovative ideas can solve some of the world’s most pressing healthcare challenges if given the right support to thrive,” Williams told me at Cannes Lions. “This includes mentorship, funding, and strong belief.”

Her appointment coincides with the launch of Reckitt Catalyst, a £10 million initiative aimed at supporting up to 200 underrepresented founders by 2030. The goal is to improve access to health and hygiene for five million people through scalable, locally led solutions across Africa, Asia, and Latin America.

For Williams, the partnership is both tactical and deeply aligned. “We realized we had the same thesis, [which is] that when you invest in women, when you invest in overlooked markets, the returns are there,” she said. “It’s not charity. It’s smart business.”

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Since stepping away from tennis, Williams has built one of the most successful venture investment track records among athlete-turned-investors. She launched Serena Ventures in 2014 with a focus on diverse founders, raising a $111 million inaugural fund. At the time, she entered a venture ecosystem where only 5% of VCs were Black, and an even smaller share were Black women. Before formally launching the fund, Williams said she had already backed about six unicorns. Today, she says her portfolio includes more than 14 billion-dollar companies and several decacorns.

“I wanted to prove to myself that I could find the companies and that I had the connections to invest,” she said. “Now we’re scaling.”

Serena Ventures has primarily invested in early-stage healthcare, fintech, and consumer technology companies. Through her new partnership with Reckitt, Williams is now doubling down on sectors that tend to be overlooked by Silicon Valley. “Hygiene is routinely overlooked in venture,” she said. “It’s not flashy. But it’s foundational, especially for women, mothers, and children. These are essential markets that drive real impact and real returns.”

Her role will combine mentorship with access to a network. Williams will advise Catalyst entrepreneurs while helping them expand their reach and credibility through strategic introductions. “At the end of the day, venture is about relationships,” she said. “A 30-minute conversation can unlock new partnerships or investment opportunities. I want to offer that access to founders who aren’t part of the usual power circles.”

She has already started connecting Catalyst founders with companies in her existing portfolio. “When you give women an opportunity, we often work twice as hard because we’ve been underestimated from the start,” she said, adding, “This isn’t about taking anything away from male founders. It’s about expanding the pie.”

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Ruth Umoh
ruth.umoh@fortune.com

The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Today’s edition was curated by Sara Braun. Subscribe here.

ALSO IN THE HEADLINES

Bumble blues. Bumble announced that it will be cutting about one-third of its staff, just a few months after founder Whitney Wolfe Herd returned to lead the company in March of this year. In an exchange filing, the company said that it would be eliminating 240 roles globally, and expects to save up to $40 million annually from the workforce reductions. Bloomberg

Tennis time. The Tennis Channel formally extended its deal with the Women’s Tennis Association (WTA), and will broadcast over 2,000 matches on its cable TV network and streaming service each season. While the terms of the deal were not disclosed, Marina Storti, CEO of WTA Ventures, acknowledged that there is a “substantial increase in the rights fees.” The new agreement lasts through 2032. CNBC

Women and weight loss. Women are being prescribed GLP-1 drugs, such as Ozempic and Mounjaro, at higher rates than men, according to recent data from FAIR Health. The data also revealed that women between 40 and 64 have made up the highest percentage of GLP-1 prescriptions since 2019. Approximately 19% of women prescribed GLP-1s received off-brand prescriptions for weight loss, while 9% of men did. Axios

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Miracle mile. Faith Kipyegon, the three-time Olympic champion from Kenya, is attempting to become the first woman to complete a mile in under four minutes today at a closed-course event in Paris. In order to claim the title, she’ll have to shave at least eight seconds off her current world record of 4:07.64. “I think it will cement my legacy and also give hope to other women that everything is possible,” Kipyegon said. Wall Street Journal

MOVERS AND SHAKERS

Paula Oyibo is stepping down as CFO of Ulta Beauty. 

Orau, a nonprofit organization focused on the intersection of academia, government, and industry, appointed Meghan F. Millwood as its president and CEO. She most recently served as the chief human resources officer at Orau. 

Wyze, a home technology company, announced the appointment of Melissa Kirmayer Eamer as president and chief operating officer. She most recently worked as the CEO of Modern Age, a longevity-focused health clinic, which she founded. 

Orion, a wealthtech solutions provider, appointed Valli Nachiappan as its new CTO. She most recently was the vice president of engineering at Zendesk.

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Staar Surgical Company, a provider of ophthalmic surgery solutions, announced its appointment of Deborah Andrews as CFO. She has served as interim CFO since March 2025, and previously served as the company’s CFO from 2007-2013 and 2017-2020. 

Trilliad, a growth services provider for B2B enterprises, named Sarah Strassheim as its new CFO. She most recently was the global CFO at Merkle. 

Ualett, a fintech platform for gig economy workers, has appointed Andrea Martin as product manager. She most recently was a product owner at Businessolver. 

Authenticom, a data management company, announced Dawn Romvari as director of demand generation. She most recently served as chief content officer at Yotta. 

PayPal announced the appointment of Deirdre Stanley to the company’s board of directors. She most recently served as the executive vice president and general counsel of The Estée Lauder Companies.

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PathGuide Technologies, a provider of warehouse management and shipping solutions, appointed Pelageya (Poulina) Kostenko to its board of directors. She currently services as VP of finance. 

ON MY RADAR

Usha Vance’s new life in Trump’s Washington New York Times

Top e-commerce veteran Julie Bornstein unveils Daydream—an AI-powered shopping agent that’s 25 years in the making Fortune

Teens and tweens are obsessed with this skincare brand for babies—now it brings in $100 million a year Forbes

PARTING WORDS

Muscle isn’t something to be feared.”

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Professional bodybuilder and author Anne Marie Chaker on the health benefits of weightlifting for women



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