Nike among 173 US companies warning of tariffs catastropheBusiness | 21 May 2019 4:44 pm
Nike Inc., Adidas AG and other footwear giants urged US President Donald Trump to reconsider his tariffs on shoes made in China, saying the policy would be “catastrophic for our consumers, our companies and the American economy as a whole,” Bloomberg reports.
In all, 173 companies signed an open letter to the president, dated Monday and posted on the industry trade association’s website.
The letter was posted on the website for the Footwear Distributors and Retailers of America, an industry trade group.
The Footwear Distributors and Retailers of America estimated that 25 percent tariffs on shoes coming from China would add US$7 billion in additional costs for US customers annually.
It was also sent to Treasury Secretary Steve Mnuchin, Commerce Secretary Wilbur Ross and National Economic Council director Larry Kudlow. “On behalf of our hundreds of millions of footwear consumers and hundreds of thousands of employees, we ask that you immediately stop this action to increase their tax burden,” the group said. “Your proposal to add tariffs on all imports from China is asking the American consumer to foot the bill. It is time to bring this trade war to an end.”-Bloomberg/CNN