ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Web Stories
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • IPL 2023
    • Karnataka Elections 2023
    • Viral
    • Education
    • Jobs
Read in App
Business News » India News

Nike, Adidas urge US President Donald Trump to end trade war

Some of the world`s biggest footwear firms are urging US President Donald Trump to end the trade war with China, warning of a "catastrophic" effect on consumers.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Nike, Adidas urge US President Donald Trump to end trade war
Trump lifted levies on $200 billion worth of Chinese imports into the US from 10 per cent to 25 per cent more than a week ago after Washington and Beijing failed to reach a deal on trade. Reuters

Some of the world`s biggest footwear firms are urging US President Donald Trump to end the trade war with China, warning of a "catastrophic" effect on consumers. In a letter signed by 170 companies, including Nike and Adidas, they said the President`s decision to lift import tariffs to 25 per cent will disproportionately impact the working class, the BBC reported. They also warn that higher levies threaten the future of some businesses. "It is time to bring this trade war to an end," the firms urged. Trump lifted levies on $200 billion worth of Chinese imports into the US from 10 per cent to 25 per cent more than a week ago after Washington and Beijing failed to reach a deal on trade.

China retaliated by announcing plans to raise levies on $60 billion of the US imports from 1 June. 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 per cent, in some cases it can reach as high as 67.5 per cent. "Adding a 25 per cent tax increase on top of these tariffs would mean some working American families could pay a nearly 100 per cent duty on their shoes," the companies wrote. "This is unfathomable."

When he lifted tariffs earlier this month, Trump told companies that they could reduce costs by shifting production to the US. However, the shoe-makers and retailers say that while they have been moving their sourcing away from China: "Footwear is a very capital-intensive industry, with years of planning required to make sourcing decisions, and companies cannot simply move factories to adjust to these changes." The US and China are set to meet again to discuss trade at the G20 summit in Japan next month.

In the meantime, however, the US has increased pressure on China by declaring a national emergency to protect US computer networks from "foreign adversaries", affecting Huawei, the Chinese telecom giant.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
NikeAdidas
Written By: IANS
Updated: Wed, May 22, 2019
11:07 am
Washington, IANS
RELATED NEWS
McDonald preparing for virtual store in the metaverse; What is Metaverse, how does it work? Know the details with Ashish Chaturvedi McDonald preparing for virtual store in the metaverse; What is Metaverse, how does it work? Know the details with Ashish Chaturvedi
They are burning Nike shoes in China; Adidas, other brands also face backlash  They are burning Nike shoes in China; Adidas, other brands also face backlash
Nike pulls its 'flag' sneaker ahead of US Independence Day Nike pulls its 'flag' sneaker ahead of US Independence Day
Tariffs on shoes 'catastrophic': Sneaker brands tell Trump Tariffs on shoes 'catastrophic': Sneaker brands tell Trump
Nike, Under Armour, among others, urge Donald Trump to remove footwear from tariff list Nike, Under Armour, among others, urge Donald Trump to remove footwear from tariff list

LATEST NEWS

World No Tobacco Day 2023: Date, theme, motivational quotes to share and other details

Torrent Pharma Q4 results: Profit at Rs 287 crore, board announces 160% dividend

PM Kisan Yojana 14th installment to be released soon: Check beneficiary status

This Rekha Jhunjhunwala-backed Tata group company stock hits new 52-week high – what should you do?

IPL 2023 Season Records: Most sixes, most 200+ totals, most 50s, most centuries, most 200+ run chases, and other prominent records 

ITC shares trades ex-dividend today

Maharashtra farmers to get Rs 6,000 a year under a new scheme approved by Cabinet

Gold price today (May 30, 2023) Yellow metal trades flat below Rs 60,000 — check out city wise prices in Mumbai, Delhi and other cities

Samsung Galaxy F54 5G launch on June 6: 108MP camera, nightography and much more - Details

FINAL TRADE: Sensex up 123 pts, Nifty settles at 18,634; ITC surges over 2%

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. Indiadotcom Digital Private Limited. All Rights Reserved.
LIVE TV