May 21, 2019
Shoe giants urge Trump to end trade war
Some of the world's biggest footwear firms are urging Donald Trump to end the US trade war with China, warning of a "Catastrophic" effect on consumers. "It is time to bring this trade war to an end," the firms urged. Mr Trump lifted levies on $200bn worth of Chinese imports into the US from 10% to 25% more than a week ago after Washington and Beijing failed to reach a deal on trade. 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%, in some cases it can reach as high a 67.5%. "Adding a 25% tax increase on top of these tariffs would mean some working American families could pay a nearly 100% duty on their shoes," the companies wrote. The US and China are set to meet again to discuss trade at the G20 summit in Japan next month.
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