Major footwear brands like Nike, adidas, ASICS, Converse, Reebok, PUMA and many others have co-signed an open letter to President Donald Trump that describes recently proposed additional footwear tariffs as "catastrophic for our consumers, our companies, and the American economy as a whole."

The letter was addressed by the Footwear Distributors and Retailers of America association, and outlines the potential downfalls of the proposed additional tariff of 25 percent on footwear. Stated plainly, the letter argues "This significant tax increase, in the form of tariffs, would impact every type of shoe and every single segment of our society."

A total of 173 companies signed their names to the document. The FDRA estimates that these tariffs could cost U.S. customers an additional $7 billion per year. Trump has insisted that China would pay the tariffs, which has been described as misleading and wrong by critics of the President.

Some are trying to see the bright side, however, including PUMA CEO Bjorn Gulden, who mentioned in April “To be honest, the trade war between China and the U.S. is a little bit of a gift. We can produce targeted products for the Chinese market in China, which saves for duty and other costs.”

At the same time, Trump said he was “very happy” with the trade war in an interview with Fox News. “We’re taking in billions of dollars,” he noted, when asked about his predictions for the trade conflict. The Ameican President is set to discuss the tariffs with Chinese President Xi Jinping next month.

For a better understanding of how this could effect the footwear industry, read our explainer on what Trump's footwear tariffs could mean for your wallet.