Explorer

Nike, Adidas, and more than 170 companies urge Trump to end trade war with China

Some of the world's biggest footwear firms are urging Trump to end the trade war with China, warning of a "catastrophic" effect on consumers.

Washington: Some of the world's biggest footwear firms are urging US President Donald Trump to end the 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 per cent will disproportionately impact the working class, the BBC reported. 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. Trump lifted levies on $200 billion worth of Chinese imports into the US from 10 per cent to 25 per cent 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 $60 billion of the 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 per cent, in some cases it can reach as high as 67.5 per cent. "Adding a 25 per cent tax increase on top of these tariffs would mean some working American families could pay a nearly 100 per cent duty on their shoes," the companies wrote. "This is unfathomable." When he lifted tariffs earlier this month, 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 telecom giant.
View More
Advertisement

IPL Auction 2025

Most Expensive Players In The Squad
Virat Kohli
₹21 CR
Josh Hazlewood
₹12.50 CR
Phil Salt
₹11.50 CR
View all
Most Expensive Players In The Squad
Rishabh Pant
₹27 CR
Nicholas Pooran
₹21 CR
Ravi Bishnoi
₹11 CR
View all
Most Expensive Players In The Squad
Jasprit Bumrah
₹18 CR
Suryakumar Yadav
₹16.35 CR
Hardik Pandya
₹16.35 CR
View all
Most Expensive Players In The Squad
Heinrich Klaasen
₹23 CR
Pat Cummins
₹18 CR
Abhishek Sharma
₹14 CR
View all
Most Expensive Players In The Squad
Ruturaj Gaikwad
₹18 CR
Ravindra Jadeja
₹18 CR
Matheesha Pathirana
₹13 CR
View all
Most Expensive Players In The Squad
Shreyas Iyer
₹26.75 CR
Arshdeep Singh
₹18 CR
Yuzvendra Chahal
₹18 CR
View all
Most Expensive Players In The Squad
Sanju Samson
₹18 CR
Yashaswi Jaiswal
₹18 CR
Riyan Parag
₹14 CR
View all
Most Expensive Players In The Squad
Venkatesh Iyer
₹23.75 CR
Rinku Singh
₹13 CR
Varun Chakaravarthy
₹12 CR
View all
Most Expensive Players In The Squad
Rashid Khan
₹18 CR
Shubman Gill
₹16.50 CR
Jos Buttler
₹15.75 CR
View all
Most Expensive Players In The Squad
Axar Patel
₹16.50 CR
KL Rahul
₹14 CR
Kuldeep Yadav
₹13.25 CR
View all
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Maharashtra CM To Be From BJP, Two Deputies, Oath-Taking Likely On Dec 2 — What We Know So Far
Maharashtra CM To Be From BJP, Two Deputies, Oath-Taking Likely On Dec 2 — What We Know So Far
Court Agrees To Hear Petition Claiming Ajmer Dargah As Shiv Temple, Summons Dargah Committee, ASI
Court Agrees To Hear Petition Claiming Ajmer Dargah As Shiv Temple, Summons Dargah Committee, ASI
'Never Had Disagreements In Mahayuti': Fadnavis Says After Shinde Leaves CM Post Decision To BJP
'Never Had Disagreements In Mahayuti': Fadnavis Says After Shinde Leaves CM Post Decision To BJP
Retired Bureaucrats, Judges Seek PM Modi's Intervention After Chinmoy Das' 'Unjust' Arrest In Bangladesh
Retired Bureaucrats, Judges Seek PM Modi's Intervention After Chinmoy Das' 'Unjust' Arrest In Bangladesh
Advertisement
ABP Premium

Videos

Sambhal Clash: Silence spread in Hindu Kheda area near Jama Masjid, houses locked...people missingABP News: Big news on Devendra Fadnavis, Eknath Shinde, Maharashtra Elections, Sambhal CaseSambhal Masjid Clash: Why was Kashmir mentioned amid Sambhal violence? Watch the report | ABP NewsMP News: How right or wrong is the ban on Muslim shops during Maha Kumbh? | ABP News | Hindi News

Photo Gallery

Embed widget