(Michael M. Santiago/Getty Images)

Shares of Nike, Lululemon, other retailers rebound as Vietnam signals tariff truce with the US

President Trump and Vietnamese leader To Lam say they plan to “soon sign a bilateral agreement” to eliminate tariffs.

4/4/25 4:48PM

Apparel stocks staged a comeback Friday after President Trump said Vietnam is ready to scrap tariffs to avoid sweeping new US levies.

“I had a very productive call,” Trump posted on social media, adding that Vietnam “wants to cut their tariffs down to zero.” The update sent shares of Nike and Lululemon — both heavily reliant on Vietnamese manufacturing — soaring, along with names like Gap, Abercrombie & Fitch, Kohl’s, and Victoria’s Secret.

It was a sharp reversal from Thursday’s sell-off, when Trump slapped a 46% tariff on Vietnamese imports. Nike plunged 13% to its lowest close in nearly eight years, while On Holding and Skechers also sank double digits. Vietnam’s government said both sides “will continue talking to soon sign a bilateral agreement,” and confirmed that Trump has accepted an invitation to visit.

The country’s willingness to engage could pressure other Southeast Asian production hubs like Indonesia and Cambodia to get to the table, analysts say. Vietnam’s trade surplus with the US topped $123 billion last year — giving it plenty of incentive to make a deal.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.