The Swoosh brand, along with other heavy hitters of the footwear industry, has written a letter urging the president not to impose the increased levies on China.
Nike and other major footwear brands have warned shoe prices could skyrocket if President Donald Trump goes ahead with plans to increase tariffs on Chinese imports.
“The proposed additional tariff of 25 percent on footwear would be catastrophic for our consumers, our companies, and the American economy as a whole,” the letter, which was published on the FDRA’s website, reads. While U.S. tariffs on all consumer goods average 1.9 percent, they average 11.3 percent when it comes to footwear and reach rates as high as 67.5 percent.
Last week, Trump announced plans to impose a 25 percent punitive tariff on thousands of Chinese products, as the trade war between the world’s two largest economies continued to escalate. Last week, the president suggested the U.S. held all the cards in the dispute, claiming businesses would leave China to avoid paying increased levies.“While our industry has been moving away from China for some time now, footwear is a very capital-intensive industry, with years of planning required to make sourcing decisions, and companies cannot simply move factories to adjust to these changes,” they added in the letter.
इंडिया ताज़ा खबर, इंडिया मुख्य बातें
Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।
Nike, other U.S. footwear makers plead with Trump to drop China tariffNearly 200 American footwear companies are pleading with President Donald Trump to call off potential 25% tariffs on footwear.
और पढो »
Nike and Adidas to Trump: Tariffs on shoes would be 'catastrophic'Proposed tariffs on imported shoes from China 'will have an immediate and long-lasting effect' on Americans, a coalition of more than 170 footwear companies including Nike, Adidas, Under Armour and Foot Locker said in a letter to President Trump
और पढो »
China cancels U.S. pork import order as U.S.-China trade war drags onThe same week U.S. President Donald Trump announced sweeping increases on tariff...
और पढो »
‘I don’t see him crying uncle’: Trump believes China tariffs will help him win reelectionThe president’s confidence comes amid disagreement inside the White House over his strident nationalism and firm belief in tariffs as economic weapons.
और पढो »
As Trump escalates China trade dispute, economic ties lose stabilizing force in matters of national securityTensions could extend beyond the trade sphere and impact other areas of contention between Washington and Beijing.
और पढो »
Trump’s new chokehold on Huawei threatens the telecom firm and U.S.-China trade talksThe Trump administration's moves against foreign technology firms could endanger the survival of Huawei and put U.S.-China trade talks at risk.
और पढो »
Trump and 2020 Democrats Stake Out Dueling Views on China TradePresident Trump has worked to sell voters on the idea that he can negotiate better trade pacts, and that only he is tough enough to walk away from a bad deal. As talks with China hit an impasse, Democrats say the administration’s performance shows he is the wrong person for the job.
और पढो »
Analysis | The Finance 202: Trump dashes hopes of trade peace with China, Europe and JapanAnalysis: Trump dashes hopes of trade peace with China, Europe and Japan
और पढो »
Trump Telecom Ban Takes Aim at China, HuaweiPresident Trump signed an executive order that allows the U.S. to ban telecommunications network gear and services from foreign adversaries, in a measure widely believed to be aimed at China and telecom companies including Huawei Technologies and ZTE.
और पढो »
El-Erian: Don't underestimate the possibility of a 'Reagan moment' for Trump on ChinaPresident Trump stands a chance of creating a new economic world order in his China trade fight, says the chief economic advisor of Allianz.
और पढो »
With eye on China, Trump escalates cybersecurity battle with executive orderThe federal government will be able to block foreign technology companies from doing business in the U.S., setting the groundwork for a unilateral ban on Huawei's U.S. business interests.
और पढो »