The letter was posted on the website for the Footwear Distributors and Retailers of America, an industry trade group. It was also addressed to United States Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and Larry Kudlow, the director of the National Economic Council.
Earlier this month, the Trump administration hiked tariffs on $200 billion of Chinese-made goods. The tariffs mostly hit industrial materials and component parts, but also applied to luggage, hats and gloves for US importers.
The Footwear Distributors and Retailers of America estimated that 25% tariffs on shoes coming from China would add $7 billion in additional costs for US customers annually.
“We can assure you that any increase in the cost of importing shoes has a direct impact on the American footwear consumer,” the companies wrote in their letter.
In their letter to Trump, the sneaker companies said they are not able to quickly shift production out of China. “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.”
Other US companies have also recently warned that additional tariffs on Chinese goods will hit consumers.
“Increased tariffs will lead to increased prices, we believe, for our customers.” Walmart chief financial officer Brett Biggs told reporters Thursday.
Source : Nbcnewyork