Nike, adidas, ASICS & Others Call Tariffs ‘Catastrophic’ in Letter to Trump

Containers are seen at a port in Huaian

Containers are seen at a port in Huaian

The Footwear Distributors & Retailers of America (FDRA) estimates the hike in tariff would add $7 billion in additional costs for customers every year.

The typical "performance" running shoes may go from current $150 to $206.25 and hunting boots from $190 to $248.56.

Yesterday, dozens of shoe retailers-including big names Nike (NKE) and Adidas-sent an open letter to President Trump requesting that he reconsider tariffs on shoes made in China.

Tariffs are paid by domestic companies, which often pass the cost to consumers in the form of higher prices.

"Even though over the past year or more the United States has continued to menace Chinese products with additional tariffs, everyone can see that the enthusiasm for foreign investors in China remains high", Lu said.

Days after President Trump imposed tariffs on steel and aluminum last June, Mexico slapped on tariffs between 15 to 25 percent on several USA imported products such as cheese, apples, pork and potatoes, cranberries and bourbon whiskey.

Aretha Franklin's wills found, sons object
He is objecting to plans to sell a piece of land next to his mother's Oakland County home for $325,000. Two are dated from 2010, while the most recent is from March 2014.

"Any action taken to increase duties on Chinese footwear will have an immediate and long-lasting effect on American individuals and families", a coalition of more than 170 footwear companies said in a letter to Trump. Last week, the US Trade Representative's office unveiled a list of additional Chinese goods worth $300 billion that would be targeted by increased tariffs. The increases could hit just in time for back-to-school season, Mary Lovely, an economics professor at Syracuse University and a fellow at Peterson Institute for International Economics, wrote in a piece for CNN.

In a separate development, Trump directed the Commerce Department and other U.S. agencies to come up with a plan to ban American firms from using telecommunications equipment made by foreign companies if they're deemed a "national security risk".

Footwear companies that signed the letter to President Trump have different levels of dependence on China. Puma made 24% of its goods in China, but 32% in Vietnam.

China retaliated by announcing plans to raise levies on $60bn of United States imports from 1 June. It also outlined estimates from the United States shoe industry's trade association.

The US and China are set to meet again to discuss trade at the G20 summit in Japan next month.

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