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Why Nike's Letter on Tariffs Won't Change President Trump's Mind

Credit: The Street
Published on May 21, 2019 - Duration: 02:12s

Why Nike's Letter on Tariffs Won't Change President Trump's Mind

Nike , Under Armour , J.C.

Penney and other athletic apparel and shoemakers penned a letter to Donald Trump and other White House advisers to urge the White House to reconsider tariffs placed on footwear made in China.

The group said that the tariffs could end up costing $7 billion in additional costs, which would be passed on to the American consumer.

The letter was sent to Commerce Secretary Wilbur Ross, Treasury Secretary Steven Mnuchin, economic adviser Larry Kudlow and the president.

"There should be no misunderstanding that U.S. consumers pay for tariffs on products that are imported," the letter read.

"As an industry that faces a $3 billion duty bill every year, we can assure you that any increase in the cost of importing shoes has a direct impact on the American footwear consumer." "I think that the Trump administration they'll read the letter, they'll respect the letter, but I don't think they're going to give in to these companies concerns.

Remember, this is an administration that believes that the tariffs are being paid for by China," said Jeff Marks, senior portfolio analyst for Jim Cramer's Action Alerts PLUS investing club.

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