Nike’s costs will go up $1bn (£728m) this year if US President Donald Trump’s tariffs remain at the current level, the company has told investors.

It follows a warning from the sports brand last month that it would raise prices due to the taxes imposed on imports.

Work to bring down costs is under way, including reducing supplies from China to the US.

It’s to reduce the amount of footwear made in China and imported to the US from 16% currently to a “high single digit” figure with Chinese supply being “reallocated to other countries around the world”.

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On 2 April, Mr Trump announced country-specific tariffs which hit China hardest and escalated after several rounds of retaliatory rises.

After an agreement between Washington and Beijing the levy was brought down from a 145% tariff to 30% on Chinese goods.

Price rises for consumers will start to come into effect in the autumn.

The latest warning on tariffs comes as Nike reported the worst quarterly results in more than three years.

Revenues were $11.1bn (£8.1bn) – the lowest since the third quarter of 2022.

It has been dealing with the after-effects of an unsuccessful move to sell direct-to-consumer with Wall Street analysts also critical of its dependence on lifestyle products and reliance on fashion trends.

Nike chief executive Elliott Hill had returned from retirement last year to again take the top job at the company.

The worst of the trade wars have already occurred, Mr Hill said, with “the headwinds to moderate from here”.

Police investigating the Horizon Post Office scandal have now identified seven suspects, with more than 45 people classed as “persons of interest”.

A “scaled-up” national team of officers has been in place for over six months as part of Operation Olympos – dedicated to looking at crimes related to the Horizon Post Office scandal.

The number of suspects has increased to seven since before Christmas, as part of a UK-wide investigation involving 100 officers.

Four have now been interviewed under caution.

Hundreds of subpostmasters were wrongfully convicted of stealing after faulty computer software created false accounting shortfalls in Post Office branches between 1999 and 2015.

Commander Stephen Clayman, Gold Command for Operation Olympos, described a “huge shift” in terms of their investigation and “significant progress”.

“We’ve got over four million documents that are going to rise to about six million documents,” he said, “but we’re beginning to methodically work through those and looking at individuals who are associated with certain prosecutions.”

He described a “pool of about 45 people plus” classed as “persons of interest”, with that number “expected to grow”.

He added that officers have questioned “some” in the past and “more recently” and are looking at the offences of perverting the course of justice and perjury.

The “wider pool” of persons of interest is made up of Post Office investigators, lawyers, and “management” across Fujitsu and the Post Office.

The team of officers will be identifying actions which could amount to criminal offences on both an individual and corporate basis.

Any decisions made on whether to charge will not happen until after the Post Office inquiry findings are “published and reviewed”.

The Operation Olympos officers are part of four teams – a London hub and three regional teams – who have been described as “highly motivated” across England and Wales.

Police Scotland and the Police Service of Northern Ireland are also helping.

Cmdr Clayman said that officers “will be building a robust case” to pass on to the Crown Prosecution Service.

He also added that, compared to the inquiry, his officers will have to “prove this to the criminal standard…a much, much higher standard”.

He described feeling “optimistic” and “confident” that the teams will have “some successful outcomes”, and said they are “working as hard and as quickly as (they) can”.

Teams are involved in what has been described as a “focused strategy which gets to the heart of the issues”.

Their investigations are being overseen by the National Police Chiefs’ Council and the Metropolitan Police.

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Victims have also been told that the police will not be reinvestigating every case but “taking a speculative look at cases” to focus on key people involved and evidence for prosecution.

Operation Olympos is also making use of special software to help process the amount of evidence to sift through material in relation to key events and identified cases.

Of the four suspects interviewed under caution, two were questioned in late 2021, one in late 2024 and the most recent in early 2025.

The extent of the harm inflicted on UK car exporters from US tariffs has been revealed, with shipments plunging by more than half last month according to industry figures.

The Society of Motor Manufacturers and Traders (SMMT) said the number of UK-made cars heading across the Atlantic fell 55.4% during May following a decline of just under 3% the previous month.

The dramatic slowdown marked a reaction to the 25% tariffs imposed on imports by the Trump administration from 3 April amid the president’s “liberation day” trade war escalation which sparked chaos in global supply chains.

The move prompted Jaguar Land Rover – the biggest exporter of cars to the US from these shores – to suspend all shipments temporarily.

The US is the most important market for UK producers, in value terms, and was worth £9bn last year with the vast majority of those sales coming from luxury brands also including Bentley, Rolls-Royce Motor Cars and Aston Martin.

Tariffs on UK-made cars imported into the US have since been reduced from 25% to 10% for up to 100,000 vehicles on an annual basis.

That was signed off by the president 10 days ago.

While it spares UK producers from the worst, the US trade war does not represent the only challenge.

The industry has been crying out for help to bolster its competitiveness and increase demand for new electric vehicles amid lacklustre interest, not just at home, but abroad too.

It has welcomed promised help with punitive energy costs through the government’s industrial strategy.

Wider SMMT figures showed car and commercial vehicle production fell for the fifth consecutive month in May.

It reported a 33% decline to just 49,810 vehicles and said it was the worst performance for May, when the COVID years were excluded, since 1949.

The industry body blamed continuing model changeovers, along with the impact of US tariffs.

The number of vehicles produced for the domestic market fell while shipments to the EU, which generally accounts for the biggest share of volumes, was down by 22.5%.

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Mike Hawes, the SMMT’s chief executive, said: “While 2025 has proved to be an incredibly challenging year for UK automotive production, there is the beginning of some optimism for the future.

“Confirmed trade deals with crucial markets, especially the US and a more positive relationship with the EU, as well as government strategies on industry and trade that recognise the critical role the sector plays in driving economic growth, should help recovery.

“With rapid implementation, particularly on the energy costs constraining our competitiveness, the UK can deliver the jobs, growth and decarbonisation that is desperately needed.”