Nike (NKE) shares declined following President Trump’s proposed 100% tariffs on Chinese imports, set to take effect November 1. Investors are concerned about higher costs and potential reductions in consumer demand during the critical holiday shopping season, which could impact Nike’s sales and profit margins.

In separate news, Benoît Pagotto, co-founder of RTFKT, the Web3 and NFT sneaker company acquired by Nike, has passed away at age 41. Pagotto was widely recognized for his creativity and pioneering work in digital fashion and NFT sneaker projects, leaving a lasting impact on the Web3 and digital collectibles community.

The combination of trade-related headwinds and the loss of a key industry innovator marks a notable moment for Nike and the broader retail and digital fashion sectors.