Money: Nike, Adidas call tariffs 'catastrophic' in open letter to Trump - - PressFrom - Australia
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MoneyNike, Adidas call tariffs 'catastrophic' in open letter to Trump

04:16  22 may  2019
04:16  22 may  2019 Source:   msn.com

Trump's in love with the US-China trade war - markets feels differently

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Nike Inc., Adidas AG and other footwear companies urged 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.” In all, 173 companies signed an open letter to

Nike , Adidas Join Footwear Brands Urging Trump to Drop ‘ Catastrophic ’ Tariffs on Shoes Made in China. In all, 173 companies signed an open letter to the president, dated Monday and posted on the industry trade association’s website. It was also sent to Treasury Secretary Steve Mnuchin

Nike, Adidas call tariffs 'catastrophic' in open letter to Trump © Luke Sharrett/Bloomberg Finance Nike shoes on display at a Foot Locker Inc. store inside the South Park Mall in Strongsville, Ohio, U.S. on Tuesday, Mar. 4, 2014. Foot Locker's earnings are scheduled to be released on March 7. Luke Sharrett/Bloomberg Finance

Nike Inc., Adidas AG and other footwear giants urged 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.”

In all, 173 companies signed an open letter to the president, dated Monday and posted on the industry trade association’s website. It was also sent to Treasury Secretary Steve Mnuchin, Commerce Secretary Wilbur Ross and National Economic Council director Larry Kudlow.

China’s state party posts defiant message about trade war with U.S. on social media site

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Nike Inc., Adidas AG and other footwear giants urged 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.".

Nike Inc., Adidas AG and other footwear giants urged 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.” In all, 173 companies signed an open letter to .

“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.”

The ongoing trade tension between the U.S. and China has escalated as Trump threatens to impose tariffs as high as 25% on Chinese goods. Last week, the U.S. Trade Representative’s office released a list of about $300 billion worth of products that could see higher import duties, including all types of footwear, from sneakers to sandals. Trump will discuss the tariffs with Chinese President Xi Jinping next month.

China’s state party posts defiant message about trade war with U.S. on social media site

China’s state party posts defiant message about trade war with U.S. on social media site The Chinese government posted a defiant message about its trade war with the U.S. on social media. "Bully us, wishful thinking!” it said in part.

Nike Inc., Adidas AG and other footwear giants urged 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.” In all, 173 companies signed an open letter to

Nike Inc., Adidas AG and other footwear giants urged 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.” In all, 173 companies signed an open letter to .

Video provided by CNBC

‘Both Sides’

Trump has repeatedly stated that China would pay the tariffs - something his critics say is misleading or wrong. Earlier this month, Kudlow said that “both sides” will pay.

“As an industry that faces a $3 billion duty bill every year, we can assure you that any increase in the cost of importing shoes has a direct impact on the American footwear consumer,” according to the letter.

That sentiment has been echoed around the industry. “We don’t make enough to absorb that,” said Michael Jeppesen, president of global operations for Wolverine World Wide Inc., which also signed the letter. “The only way it can is to be passed onto the consumer.”

The shoe industry’s trade association, the Footwear Distributors & Retailers of America, estimates that the tariffs would cost U.S. customers an additional $7 billion per year. The companies said in their letter that those costs would disproportionately affect working class individuals.

Tattooed man is found dead in his denim shorts and Nike shoes on the side of the road in mysterious circumstances

Tattooed man is found dead in his denim shorts and Nike shoes on the side of the road in mysterious circumstances Scott Howard, 50, was found dead with a foldable shopping trolley on the side of James Street in Cairns North in Queensland at 12.30am on Friday. He was unresponsive when approached by police officers concerned for his safety. © Provided by Associated Newspapers Limited Scott Howard (pictured), 50, was found dead with a foldable shopping trolley on the side of James Street in Cairns North in Queensland at 12.30am on Friday The man was declared dead at the scene after paramedics arrived to examine him. Police are appealing to the public for more information about the mysterious death.

Adidas , Nike , and other footwear giants are urging Trump to reconsider his " catastrophic " tariffs on shoes made in China.Jie Zhao Corbis In all, 173 companies signed an open letter to the president, dated Monday and posted on the industry trade association’s website. It was also sent to Treasury

Dozens of shoe retailers, including Nike and Adidas , sign letter to Trump urging a halt to tariffs . The industry, in a letter sent to the White House on Monday, says: "These tariffs would mean some The proposed additional tariff of 25 percent on footwear would be catastrophic for our consumers

Touchy Topic

Tariffs are an especially touchy subject within the footwear world because shoe companies already pay some of the highest duties in the U.S., thanks to longstanding tariffs that in some cases surpass 30%. The industry shifted a lot of production to Vietnam in anticipation of the Trans-Pacific Partnership - which would have allowed duty-free exporting to the U.S. - but Trump exited those negotiations.

Still, the companies in the letter vary in their reliance on China. Nike, for example, made 26% of its apparel and 26% of its footwear in China in fiscal 2018. Skechers U.S.A. Inc. makes around 65% of its goods in China, but not all of those products are imported to the U.S.

Under Armour Inc., which also signed the letter, currently gets about 18% of its products from China - down from 46% in 2013. The company’s goal is to lower that number to just 7% by 2023.

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