The US-China trade war has had an effect on the footwear industry as more than 70% of the shoes sold in the US are imported from China. Vietnam accounts for about 17% of the shoes imported.
A letter signed by 173 companies, including Nike and Adidas, says the president’s decision to raise import tariffs will affect the working class.
They have urged the President to end the US trade war with China, with a warning that it could have a catastrophic effect on consumers. They have also warned that the new higher levies will threaten the future of some businesses.
According to the footwear companies, the average US tariff on footwear is 11.3% while in some cases it can be as high as 67.5%. If a 25% tax increase is added on the existing tariffs, Americans will have to pay nearly 100% duty on their shoes.
“This is unfathomable.” “It is time to bring this trade war to an end,” the firms urged.
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