Nike, Footlocker jump after Trump hits 90-day pause on tariffs, excluding China

Shares of U.S. footwear retailers rise in afternoon trade

President Donald Trump authorizes 90-day pause on reciprocal tariffs, but raises tariffs on China to 125%, effective immediately

Tariffs on Asian countries were expected to hit margins for footwear companies, which moved production from China to Vietnam and other nations in recent years, according to analysts

Shares of Nike up 10%, Footlocker FL.N 13%, Deckers Outdoor DECK.N 11% and Skechers USA 8.5%

Stocks of other apparel firms including Under Armour UAA.N, Lululemon Athletica LULU.O and Levi's LEVI.N jump between 8% and ~17%