A leading footwear industry trade group has issued a warning regarding President-elect Donald Trump's newly announced tariffs on Canada, China, and Mexico, stating that these tariffs will result in increased prices for Americans. The president and CEO of the Footwear Distributors and Retailers of America, Matt Priest, expressed concerns about the potential impact of these tariffs on American families, particularly at a time when budgets are already under strain.
The trade group, which represents major companies such as Nike, DSW, Cros, Under Armour, and Walmart, emphasized that the tariffs could place an unnecessary burden on consumers. Despite Trump's assurances that the tariffs will not lead to inflation, Priest cautioned that there would be a significant effect on working families and the overall economy.
Priest highlighted that the levies would directly raise costs for retailers and consumers, ultimately resulting in higher prices for essential items like shoes. The United States heavily relies on China for the import of sneakers and other footwear, with Trump announcing plans to impose additional tariffs of 10% on Chinese imports.
As the holiday season approaches, Priest emphasized that Americans do not want to face additional taxes on essential items. He stressed that families deserve relief rather than policies that make it harder to afford gifts, winter essentials, and footwear for the upcoming year.
