logo

Nike, Adidas and other footwear giants ask Trump for tariff exemption

By: bitcoin ethereum news|2025/05/03 03:30:04
0
Share
copy
A man shops for shoes at a Nike outlet store in Los Angeles, California on April 10, 2025. Frederic J. Brown | Afp | Getty Images America’s largest shoe brands are asking President Donald Trump for a tariff reprieve. The Footwear Distributors and Retailers of America trade group sent a letter to the White House this week asking for an exemption to Trump’s so-called “reciprocal tariffs,” which the association said pose an “existential threat” to the footwear industry. The letter is signed by 76 footwear brands, including Nike , Adidas , Skechers and Under Armour . “Many companies making affordable footwear for hardworking lower and middle-income families cannot absorb tariff rates this high, nor can they pass along these costs. Without immediate relief from the reciprocal tariffs they will simply shutter,” reads the letter, which is dated April 29. “Many orders have been placed on hold, and footwear inventory for U.S. consumers may soon run low,” the trade group said. Trump’s wide-sweeping tariffs, announced on April 2, included levies on several countries that are important sources for footwear suppliers, including China, Vietnam and Cambodia. While the initial tariff rates of over 45% for Vietnam and Cambodia were lowered to 10% for a 90-day period, the Trump administration has only ratcheted up duties on Chinese imports, which are now subject to an effective tariff rate of 145%. Trump’s higher tariffs on dozens of trade partners are set to resume in early July. Adidas previously warned this week that tariffs would lead to higher prices for American consumers. In late March, before the specific reciprocal tariff rates were announced, Nike’s finance chief said global levies and economic uncertainty would result in lower current-quarter sales. The footwear association’s letter said the industry had already been facing significant duties on products like children’s shoes before Trump announced his broad tariffs. In total, U.S. footwear companies will face tariffs ranging from 150% to about 220%, the trade group said. “This is an emergency that requires immediate action and attention. The American footwear industry does not have months to adjust business models and supply chains while absorbing this unprecedented and unforeseen tariff regime,” the association wrote. The group further warned that the tariffs won’t result in bringing manufacturing back to the U.S., as Trump has promised , because they erase the certainty that businesses require in order to invest in sourcing changes. The White House didn’t immediately respond to a CNBC request for comment. Source: https://www.cnbc.com/2025/05/02/nike-adidas-footwear-giants-ask-trump-for-tariff-exemption.html

You may also like

Naval personally takes the stage: The historic collision between ordinary people and venture capital

Naval personally stepped in as the chairman of the USVC Investment Committee. This SEC-registered fund launched by AngelList attempts to bring top private tech assets like OpenAI, Anthropic, and xAI to the general public with a $500 entry threshold. It is not just a new fund, but a structural experi...

a16z Crypto: 9 Charts to Understand the Evolution Trends of Stablecoins

Stablecoins are evolving from trading tools into universal payment infrastructure, and this process is quieter and more thorough than most people expected.

Refutation of Yang Haipo's "The End of Cryptocurrency"

This may be the true test of cryptocurrency. It's not about whether the price has reached a new high, nor about who will achieve financial freedom in the next bull market, but rather whether, after all the grand narratives have been washed away by cycles, it can still leave behind some simpler, more...

Can a hairdryer earn $34,000? Interpreting the reflexivity paradox of prediction markets

Prediction markets are essentially betting on reality, and when participants can access or even influence this path earlier, the market no longer just reflects reality but begins to shape it in return.

6MV Founder: In 2026, the "landmark turning point" for crypto investment has arrived

"I will deploy funds in 2026, so I will tell you this is the best year in history."

Abraxas Capital Mints $2.89 Billion USDT: Liquidity Boost or Just More Stablecoin Arbitrage?

Abraxas Capital just received $2.89 billion in freshly minted USDT from Tether. Is this a bullish liquidity injection for crypto markets, or is it business as usual for a stablecoin arbitrage giant? We analyze the data and the likely impact on Bitcoin, altcoins, and DeFi.

Popular coins

Latest Crypto News

Read more