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Home / Business / Nike and Adidas to Trump: New rates would be & # 39; disastrous & # 39;

Nike and Adidas to Trump: New rates would be & # 39; disastrous & # 39;



"Any action to increase the duties of Chinese footwear will have an immediate and long-lasting effect on US individuals and families," a coalition of more than 170 shoe companies said in a letter to Trump. "It will also threaten the very economic viability of many companies in our industry."

The letter was posted on the website of Shoe Dealers and Dealers of America, an industry trading group. It was also addressed to US Trade Representative Robert Lighthizer, State Secretary Steven Mnuchin, Commercial Secretary Wilbur Ross and Larry Kudlow, Director of the National Economic Council.

Earlier this month, Trump administration raised rates of $ 200 billion of Chinese manufactures. The tariffs mostly hit industrial materials and components, but also on luggage, hats and gloves for American importers.

In addition, the Trump administration has started a formal process to throw 25% tariffs on the remaining $ 325 billion in goods coming from China that are not already taxed. This list included sneakers, toys and other consumer products.

Shoe dealers and dealers of America estimated that 25% tariffs on shoes from China would add $ 7 billion in additional costs to US customers annually.

"We can assure you that any increase in the cost of importing shoes has a direct impact on US footwear consumption," the companies in the letter said. of all footwear imported into the United States in 201

7, according to data from the trade industry.

26% of Nike's ( NKE ) footwear and 26% of Nike & # 39; s clothing was produced in China in the 2018 fiscal year, according to the company's annual securities deposit. China is an "important sourcing country and consumer market for us," Nike said in filing. Unable to quickly switch production out of China. "Footwear is a very capital-intensive industry, with many years of planning required to make purchasing decisions, and businesses cannot simply move factories to adapt to these changes."

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Other US companies have also recently warned that additional tariffs on Chinese goods will hit consumers. 19659007] Walmart ( WMT ) US's largest retailer, said last week it will raise prices for some products due to Trump administration tariffs on Chinese goods.

"Increased prices will lead to increased prices, we believe, for our customers." Walmart chief financial officer Brett Biggs told reporters on Thursday.


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