Nike soars on a production shift away from China, but it warns of a $1 billion tariff hit

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 is not the first retail company to warn of price hikes when students are heading back to school. Walmart said last month that that its customers will start to see higher prices this month and next when the back-to-school shopping season goes into high gear. Walmart also…