Trump Tariffs Could Have a 'Staggering' Impact on Sneaker Prices
POTUS Donald Trump has made good on his promise to raise tariffs on $200 billion worth of Chinese imports by 15 per cent, and while sneakers were left off the recent duty list, a new round of tariffs could leave US sneakerheads with even emptier-than-usual pockets.
Trump has now ordered the Office of the United States Trade Representative (USTR) to begin the process of raising tariffs on essentially all remaining imports from China, which are valued at approximately $300 billion.
There’s now a whopping 25 per cent tariffs on goods from China, which were implemented as a punishment for the country's refusal to accept Trump’s latest version of a potential trade deal.
Clearly displeased, the Footwear Distributors and Retailers of America (FDRA) tweeted at Trump:
@realDonaldTrump Footwear is already hit with a $3 billion tariff bill EVERY Year. That's enough to buy 855 Starbucks coffees for everyone in Manhattan! 80% of kids shoes are made in China - U.S. families cannot afford even higher tariffs on shoes! Please - NO new shoe tariffs! pic.twitter.com/USg9ckg1xB— FDRA (@FDRA) May 10, 2019
Matt Priest, president and CEO of FDRA, believes a new round of tariffs including footwear would have a ‘staggering’ impact on the American consumer and sneaker industry.
‘Higher costs for our consumers means we sell less shoes. This threatens jobs in our industry, and could put US footwear companies out of business,’ he said.
Fingers crossed the remaining imports are kept off the duty list. Keep praying to the sneaker gods, people…