U.S. President Donald Trump's sweeping tariffs on imports from key trading partners could add around $1 billion to Nike's costs, company executives said on a post-earnings call after the sportswear giant topped estimates for fourth-quarter results.

Sportswear giant has already announced price increases to partly mitigate the impact of US President Donald Trump’s tariffs.

Nike said it's raising prices to offset $1 billion in tariff costs, while it works on diversifying its sourcing and reducing its reliance on China.

The White House Council of Economic Advisers chairman Stephen Miran told Yahoo Finance on Thursday that he expects the Trump administration to extend the tariff pause for countries negotiating "in good faith.

The US economy shrank at a 0.5 per cent annual pace from January through March as trade wars disrupted business, the Commerce Department reported Thursday in an unexpected deterioration of earlier est

US President Donald Trump's administration could extend a July deadline when higher tariffs on imports from dozens of countries are set to kick in, the White House said Thursday. While Trump has imposed a sweeping 10% tariff on most US trading partners this year,