More than 170 leading shoe retailers, including industry leaders such as Nike, Adidas and Under Armor, have asked Monday Trump administration to abandon its plans to put implement new tariffs on clothing made in China.
In a letter to President Trump, companies said that the increase in tariffs could have a "catastrophic" impact on our consumers, our businesses and the US economy as a whole. "The administration has reserved $ 300 billion of Chinese goods likely to be subject to 25% customs duties.
"On behalf of our hundreds of millions of footwear consumers and hundreds of thousands of employees, we ask you to stop this action immediately to increase their tax burden," said the professional group Footwear Distributors & Retailers of America in the letter. "Your proposal to add tariffs on all imports from China requires the US consumer to pay the bill. It is time to end this trade war. "
Footwear manufacturers estimate that tariffs, if finalized, would cost US consumers more than $ 7 billion a year. Other notable brands that signed the letter include Aldo, Brooks, Converse, Foot Locker and Puma.
|UA||SOUS ARMURE INC||20.77||+0.07||+ 0.34%|
Trade negotiations between the two countries came to a sudden halt earlier this month, prompting Trump to increase tariffs from 10% to 25% on $ 200 billion worth of Chinese products. Beijing reacted by applying retaliatory tariffs on $ 60 billion worth of US goods.
"As our industry has moved away from China for some time now, footwear is a capital-intensive industry. Years of planning are needed to make procurement decisions. . "Any action taken to increase rights on Chinese shoes will have an immediate and lasting effect on US individuals and families. It will also threaten the economic viability of many businesses in our industry. "
CLICK HERE TO GET THE FOX BUSINESS APP
Walmart and Macy's executives have each warned in recent days that new rates will drive up prices for buyers.