President Donald Trump’s plans to impose tariffs on imported goods from China have reportedly been met with opposition from retailers and shoemakers alike, mainly due to the fear that it will result in higher consumer prices.
According to information from Reuters, 82 shoe companies, including Nike and Under Armour, sent a letter to Trump on Monday urging him not to impose tariffs on goods imported from China.
The letter followed a separate one from large U.S. retail companies like Walmart, Target Corp, Best Buy Co Inc, and Macy’s Inc.
The report outlines that the Trump administration is preparing tariffs against Chinese information technology, telecommunications, and consumer products in an attempt to strong-arm changes in Beijing’s intellectual property and investment practices.
Nike, Under Armour, and the other footwear companies argued that sneakers are already subject to hefty tariffs and, in the end, the consumer would be the one to ultimately pay the price.
“Adding even more tariffs on top of this heavy burden would mean higher costs for footwear consumers and fewer U.S. jobs," the letter stated. "Given the price sensitivity of our products, any additional increases in our costs would strike right at the heart of our ability to keep product competitively priced for our consumers.”
While retail prices for sneakers in the United States are still cheaper than those in many parts of Europe, that could begin to change if these tariffs are indeed imposed.
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