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.

Despite looming price increases, Nike bosses said they’ve worked to minimize the impact of the tariffs on shoppers. The hike is part of a four-part strategy to offset its $1 bil