
Audio By Carbonatix
Some of the world's biggest footwear firms are urging Donald Trump to end the US trade war with China, warning of a "catastrophic" effect on consumers.In a letter signed by 170 companies, including Nike and Adidas, they said the President's decision to lift import tariffs to 25% will disproportionately impact the working class.They also warn that higher levies threaten the future of some businesses."It is time to bring this trade war to an end," the firms urged.Mr Trump lifted levies on $200bn worth of Chinese imports into the US from 10% to 25% more than a week ago after Washington and Beijing failed to reach a deal on trade.China retaliated by announcing plans to raise levies on $60bn of US imports from 1 June.The footwear companies who signed the letter, including Clarks, Dr Martens and Converse, claim that while the average US tariff on footwear is 11.3%, in some cases it can reach as high a 67.5%."Adding a 25% tax increase on top of these tariffs would mean some working American families could pay a nearly 100% duty on their shoes," the companies wrote."This is unfathomable."When he lifted tariffs earlier this month, Mr Trump told companies that they could reduce costs by shifting production to the US.However, the shoe-makers and retailers say that while they have been moving their sourcing away from China: "Footwear is a very capital-intensive industry, with years of planning required to make sourcing decisions, and companies cannot simply move factories to adjust to these changes."The US and China are set to meet again to discuss trade at the G20 summit in Japan next month.In the meantime, however, the US has increased pressure on China by declaring a national emergency to protect US computer networks from "foreign adversaries", affecting Huawei, the Chinese telecoms giant.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Dr. Dre joins Forbes billionaires list as second-richest hip-hop artist with $1 billion fortune
34 minutes -
Libya announces new oil and gas discoveries with three major energy companies
53 minutes -
Oil rises as investors remain wary US-Iran ceasefire will open supply flow
1 hour -
Police arrest suspect over church threat video
3 hours -
Eight appear in court as police intensify crackdown on illicit drugs in Tamale
3 hours -
Motorist remanded in custody for hitting four-year-old girl
3 hours -
Mobile money vendor robbed at Ziope
4 hours -
Benin’s Finance Minister Wadagni seeks his own mandate in election
4 hours -
GNFS retrieves body of unidentified man from Asylum Down drain
4 hours -
CAF’s Motsepe to visit both Senegal and Morocco amid AFCON fallout
4 hours -
Edmond Boateng takes up secretary role at Honorary Consular Corps of Ghana
4 hours -
Armed men kill 20 and abduct others in northwestern Nigeria villages
4 hours -
Gambia appoints British barrister to prosecute gruesome Jammeh-era crimes
5 hours -
Girl group Flo on entering into their ‘bombastic, confident, strong’ era
5 hours -
Germany suspends military approval for long stays abroad for men under 45
5 hours