WASHINGTON: President Donald Trump's new tariffs on China are a"job killer," US shoe companies warned on Wednesday pleading for them to be removed.
More than 200 footwear manufacturers and retailers, including major brands such as Nike and Foot Locker, signed onto the letter alerting that the new tariffs could cost US consumers an additional US$4 billion a year and increase the chances of an economic downturn. Long a powerful voice in Washington, US industrial lobbies have been unable to persuade Trump to avoid escalating his year-old trade war with China.
The footwear companies agreed, warning in their letter on Wednesday that uncertainty caused by the confrontation with Beijing was rattling the wider economy - a sensitive subject as Trump seeks reelection next year."An economic downturn will take away disposable income from US consumers, even as they have to pay more for products," they said.