Posted on 05/13/2019 3:00:49 PM PDT by Mariner
The U.S. sneaker market is valued at $21.2 billion, according to Cowen Equity Research, and while sneakers were left off President Trump’s most recent duty list, many sneaker fans are wondering what effects a new round of tariffs could have on the booming industry.
On May 10, Trump made good on his promise to raise tariffs by 15% on $200 billion worth of Chinese imports. The now 25% tariffs are meant as a punishment to China for the country's refusal to accept the Trump Administration’s latest version of a potential trade deal. Trump also ordered the Office of the United States Trade Representative (USTR), to begin the process of raising tariffs on essentially all remaining imports from China, which are valued at approximately $300 billion.
In response, the Footwear Distributors and Retailers of America (FDRA) tweeted at Trump:
“Footwear is already hit with a $3 billion tariff bill EVERY Year. That's enough to buy 855 Starbucks coffees for everyone in Manhattan! 80% of kids shoes are made in China - U.S. families cannot afford even higher tariffs on shoes! Please - NO new shoe tariffs!”
(Excerpt) Read more at yahoo.com ...
Women and kids hardest hit. ESPECIALLY those kids in the ghetto who wear $400 Nikes.
My sentiments exactly,
Here's a thought, how about parents buy affordable sneakers not manufactured in China for a few bucks a piece, but marked up by Nike to pay Michael Jordan, Tiger Woods and other athletes tens of millions of dollars per year to use their likenesses.
Slow down thieves as a residual crime fighting benefit.
I don’t care.
“U.S. families cannot afford even higher tariffs on shoes!”
Riiiiiight....all those shoes they buy at $3 a copy and sell for $400 will do what...get marked up to $500?
Cuz Phil Knight needs to keep up his lifestyle.
Uh huh.
Let the piggies squeal. Maybe they could employ some of the masked teenagers who infest downtown Portland making shoes here instead of there.
Of course we all know that’s a nonstarter. Work is anathema to them...
New Balance has factories in the USA. Why not the rest of you thieving globalist pigs.
Stop making the shoes in China. Duh.
Looks like he’s much more of an expert on cheese doodles!
Make sneakers in the USA. They won’t fall apart in 1 year and eventually everyone will save money.
Bet they all get some type of Gov check Monthly as live with Parents.
Curious how many of the people now concerned about the consumer never have a word to say against higher personal-income or corporate taxes. China has bought off a lot of our pols and opinion makers.
I would wager all the complainers buy $200 sneakers
With a side order of chocolate cake!
I'll bet that there's a good chance those sneakers were stolen from someone, or the money to buy them was raised through less than legal means. In either case, I can't see our melanin-enhanced brethren in the poor sections of town worried about having to come up with an extra $40 or $50 to pay the tariff.
Prices are too damn high as it is.
Yep!
They used to be made in Mexico.
Exactly.
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