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Steve Madden avoids Trump's tariffs
Steve Madden's move to shift production out of China highlights the potential impact of President-elect Trump's proposed tariffs on the US economy and global trade.
English
United States
EconomyUs PoliticsChinaLabour MarketTradeInternational TradeTariffsManufacturing
Steve MaddenNational Retail FederationAmerican Action ForumPeterson Institute For International EconomicsCnn
Donald TrumpEdward RosenfeldJoe BidenDouglas Holtz-EakinSteven Mnuchin
- What is the intended goal of Trump's proposed tariffs?
- Trump's proposed tariffs aim to incentivize US manufacturing by making imports more expensive. However, companies like Steve Madden are relocating production to other countries with lower labor costs, not to the US.
- Why is Steve Madden moving its production out of China?
- Steve Madden, a shoe company, is moving its production out of China to avoid potential tariffs from President-elect Trump's proposed policies. They plan to reduce Chinese sourcing to 40-45% within a year, shifting production to countries like Cambodia, Vietnam, and Mexico.
- How does the retail industry view Trump's tariff proposals?
- The retail industry criticizes Trump's tariffs, citing potential price increases for consumers. A study by the National Retail Federation suggests a significant rise in the price of apparel and footwear under these tariffs.
- What are the economic concerns surrounding Trump's tariffs?
- Economists widely condemn Trump's tariff proposals, predicting significant economic consequences. Some estimate that the tariffs would act as a substantial tax hike, costing middle-income households thousands of dollars annually.
- What is the perspective of former Treasury Secretary Mnuchin on Trump's tariff plans?
- While former Treasury Secretary Steven Mnuchin suggests Trump will be cautious about inflation, the potential economic impact of these tariffs remains a major concern, especially given their broad and potentially unquantifiable effects on global supply chains.