Nike, Columbia stocks plunge one day after Trump announced foreign tariffs

PORTLAND, Ore. (KOIN) – The stock market is taking a hit after President Donald Trump announced a series of foreign tariffs that are expected to have a major influence on the U.S. economy, and Portland’s major companies are no exception.

As the Dow Jones Industrial Average drops 1600 points and fears of an oncoming recession continue to rise, local heavy hitters such as Nike, Columbia Sportswear, and Adidas have each seen a plunge in their stocks.

Nike saw the steepest slide of 13.5% within 24 hours, and that number is expected to increase as the effects of Trump’s tariffs become more apparent in the U.S. economy.

In the past month, Nike’s stock rate has fallen from 78.59 to 55.58. This rate is lower than the drop experienced at the start of the COVID pandemic in April 2020.

As one of Portland’s biggest employers, the company experienced two major layoffs in the past year, globally downsizing by 2% in February and again in April. This included 740 phased-out employees at the headquarters in Washington County.

The second worst drop hit Columbia Sportswear Co. at 13.16%, bringing its rate from 72.40 to 67.19, marking its worst slide since September 2022.

The outdoor gear and apparel company also chose to reduce its corporate workforce by 3-5% in Q1 of 2024. 

Stay with KOIN 6 News as we continue to follow this trend.