"This Is Unfathomable" - Nike, Adidas Pen Letter To Trump Calling Proposed Tariffs "Catastrophic"
Footwear companies Nike and Adidas are publicly airing their grievances and having their say about President Trump's pending decision to slap tariffs on footwear made in China. The companies are calling the policy “catastrophic for our consumers, our companies and the American economy as a whole,” according to Bloomberg and a letter released publicly by the shoe industry’s trade association, the Footwear Distributors & Retailers of America, on Monday.
The two giants have been joined by 171 additional footwear companies in asking the President to hold off on raising tariffs further. The letter was also addressed to Treasury Secretary Steve Mnuchin, Commerce Secretary Wilbur Ross and National Economic Council director Larry Kudlow. The industry estimates that the tariffs, if implemented, would add $7 billion in new costs per year that would need to be passed onto the consumer.
They wrote:
"On behalf of our hundreds of millions of footwear consumers and hundreds of thousands of employees, we ask that you immediately stop this action to increase their tax burden. Your proposal to add tariffs on all imports from China is asking the American consumer to foot the bill. It is time to bring this trade war to an end."
https://www.zerohedge.com/news/2019-05-21/unfathomable-nike-adidas-pen-letter-trump-calling-proposed-tariffs-catastrophic
These companies employ children and slaves in the third world to make $5 shoes which they mark up 1000%+