Nike, Adidas and other footwear brands warn Trump about catastrophic impact of tariffs with China

epa00643792 A model with 'SHOX Cushioning Technology' by Nike (T) stands on a model with the 'a3' cushioning system by adidas in Nuremberg, Germany, Friday 17 February 2006. Nike claimed patent infringement in a suit naming adidas-Salomon. The US company accuses its main competitor of using its patented 'SHOX Cushioning Technology' in several adidas premium products. The lawsuit was filed in a District Court in Lufkin, Texas. EPA/DANIEL KARMANN

Reading Time: < 1 minute

Nike, Adidas, Under Armour, Foot Locker and other sneaker brands and retailers told President Donald Trump on Monday that proposed tariffs on imported shoes from China would be “catastrophic” for American consumers.

CNN reports that a coalition of more than 170 footwear companies said in a letter to Trump that “Any action taken to increase duties on Chinese footwear will have an immediate and long-lasting effect on American individuals and families.”

“It will also threaten the very economic viability of many companies in our industry.”

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.

Via CNN 

%d bloggers like this: