Nike’s shares jumped at the opening bell Friday after the company said it’s shifting some production away from China. But it also warned that tariffs imposed by the Trump administration will cost it about $1 billion before it makes internal changes, which include “surgical” price increases in the U.S. starting this fall.

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.

Nike’s shares surged 15 per cent on Friday - a historic daily jump - on growing investor confidence that the sportswear maker’s turnaround plan is finally starting to pay off. In a call with analysts after the stock market closed on Thursday,