01 Aug FDRA President & CEO Matt Priest issued the following statement after President Trump tweeted that the U.S. will add 10 percent tariffs on the remaining $300 billion in goods from China, including footwear:
FDRA President & CEO Matt Priest issued the following statement after President Trump tweeted that the U.S. will add 10 percent tariffs on the remaining $300 billion in goods from China, including footwear:
We are dismayed at President Trump’s announcement that he is adding 10 percent tariffs on the remaining $300 billion in imported goods from China on September 1st. FDRA has worked tirelessly to make the case against even higher tariffs on shoes. We hoped that continued open communication channels between Washington and Beijing would allow time to ease trade tensions and eventually end the tariff threat. It is clear political considerations are outweighing economic common sense, especially as this comes on the heels of a rate drop by the Federal Reserve indicating more challenging economic times ahead.
President Trump’s new tariffs should concern every American. 70 percent of every pair of shoes sold in the U.S. comes from China. Footwear from China is already hit with upwards of 67 percent duties. President Trump is, in effect, using American families as a hostage in his trade war negotiations. Tariffs are taxes and this move will noticeably raise the cost of shoes at retail and will have a chilling effect on hiring in the footwear industry.
We will not take this news lying down. This is one of the largest tax increases in American history and it is vitally important that we fight this action on behalf of our consumers and our industry.
FDRA is the industry’s business and trade association, with 90% of all U.S. footwear retailers and brands as members. Learn more at FDRA.org