Latest News
January 1, Shoe Giant’s Strategy Shift Amid Trade Uncertainty Due to Re-Election
Steve Madden, a shoe company, is making big changes because of President Trump’s re-election and his plans to hit China with high tariffs. These tariffs could go up to 60%, making it expensive to import goods from China.
Steve Madden’s CEO, Edward Rosenfeld, said they’re ready to move away from importing so much from China. They’ve been thinking about other countries like Brazil, Cambodia, Mexico, and Vietnam to get their products from.
Rosenfeld mentioned that about two-thirds of the company’s business depends on imports, and most of those come from China. But now, they want to cut Chinese imports by 40% to 45% in the next year. This means that in a year, only a bit more than a quarter of their business would be affected by high tariffs on Chinese goods.
President Trump has always been tough on China. He’s even said if China tries to take over Taiwan, he’d impose even higher taxes on them, up to 200%! During his first term, he already placed tariffs up to 25% on Chinese imports.
China’s economy is not doing so great right now, and experts say that if Trump’s high tariffs go into effect, it could really hurt China’s exports. China might lose around $200 billion in exports.
Reports say China’s economy is growing slowly. It’s expected to grow by 4.8% in 2024, which is less than what China is aiming for. By next year, growth might drop even more to 4.5%.
Investors are worried, and the value of China’s yuan is sliding. It’s been going down for six weeks straight because folks think tariffs might go up. In the past, the yuan dropped a lot when the U.S. imposed tariffs, and now it’s looking like it might happen again.
Wyatt Matters!
President Trump’s plans to put high tariffs on goods from China are making companies like Steve Madden think twice about where they get their products from. These tariffs could get as high as 60%, which would make buying things from China much more costly. This is why Steve Madden is looking to shift its focus to other countries, like Brazil, Cambodia, Mexico, and Vietnam, to manufacture their shoes. It’s a big change, but might be necessary to avoid those high costs.
Steve Madden’s business relies heavily on imports from China, but they’re planning to cut that by almost half in the next year. Right now, lots of their business could be affected by the tariffs, but if they make these changes, they will be less dependent on China. This means that more of their products will come from other places, and they won’t be hit as hard by the tariffs. It’s like having a backup plan, just in case things get too expensive with China.
These changes also mean that China’s economy could be affected. If companies keep moving away from China, China might lose a lot of money from exports—around $200 billion! This could make China’s economic growth slow down even more. The value of their currency, the yuan, has already been dropping, which shows that people are nervous about what might happen next. If these high tariffs are put into place, it’s going to be a tough time for China, but companies like Steve Madden are finding new ways to adapt.
As our loyal readers, we encourage you to share your thoughts and opinions on this issue. Let your voice be heard and join the discussion below.
-
Entertainment1 year agoWhoopi Goldberg’s “Wildly Inappropriate” Commentary Forces “The View” into Unscheduled Commercial Break
-
Entertainment12 months ago‘He’s A Pr*ck And F*cking Hates Republicans’: Megyn Kelly Goes Off on Don Lemon
-
Featured1 year agoUS Advises Citizens to Leave This Country ASAP
-
Featured1 year agoBenghazi Hero: Hillary Clinton is “One of the Most Disgusting Humans on Earth”
-
Entertainment10 months agoComedy Mourns Legend Richard Lewis: A Heartfelt Farewell
-
Featured1 year agoFox News Calls Security on Donald Trump Jr. at GOP Debate [Video]
-
Latest News10 months agoSupreme Court Gift: Trump’s Trial Delayed, Election Interference Allegations Linger
-
Latest News10 months agoNude Woman Wields Spiked Club in Daylight Venice Beach Brawl
Dan
November 9, 2024 at 7:23 am
THIS IS GREAT NEWS. TRUMP IS TELLING THIS MAN TO START MANUFACTURING TTHE SHOES IN THE UNITE STATES ANS EMPLOY AMERICANS TO MANUFACTURE THE SHOES. THIS WILL CUT HIS PROFITS. THAT IS ALSO GREAT.
J
November 9, 2024 at 9:02 am
Great news! Greed has taken our companies and jobs to China . Bring the jobs back to USA . I have said for years if they tax the companies to bring products back from China it would bring jobs and companies back to USA. Greed is a terrible thing.
Phyllis Marie Harris
November 9, 2024 at 9:21 am
America had thriving shoe manufacturing companies years ago. No one then would have even considered manufacturing in China it was unheard of. Bring manufacturing back to our country Americans need good jobs too. My American made shoes would last for years. These Chinese products disintegrate within a couple of years as I found out a week ago when I randomly pulled a pair out to wear I had not worn in a while. The sole decided to separate from the body of the shoe while I was walking. And, the inside black liner crocked off on my feet so my feet were black. Not good!
bill Knight
November 9, 2024 at 9:53 am
If you have to get a certain number of words to qualify to get your article published, Please Please Please actually write new information in subsequent paragraphs instead of repeating your self!
Dan
November 9, 2024 at 12:05 pm
Guess I wasn’t the only one noticing the redundancy in their article.
Virginia
November 9, 2024 at 1:17 pm
If America starts manufacturing shoes, clothes etc. it will help our own job market and will build our economy for our own people. Sales for domestic goods will skyrocket and competition will rise, eventually bringing costs down. The mistake made by a once famous U.S. manufacturer was having products made with foreign parts. This was the downfall of this now discounted line of products.
Stephen J Thomas
November 9, 2024 at 4:57 pm
With nearly 4 TRILLION dollars of exports each year, I can’t imagine that 200 Billion will slow the Chinese down much. They too will change how they do things, buy up companies in other countries with lower tariffs and continue down their path of world domination.
China is very dangerous and has now worked their way deep into our country, both physically and economically. Tariffs will only work to build jobs here if we reduce government intrusion by reducing regulations, controlling “fees” and educating a competent workforce.
Jay
November 19, 2024 at 9:21 pm
Why not make them here ?
I remember looking for silverware to keep at work. Something along the lines of campware.
Guess what I found at a dollar store ?
Plastic kids utensils made in America !!
I think the name was “Archer” out of the Chicago area. And yes, I bought them.
If they can do it, there is no good reason to keep your corporate manufacturing overseas and ship it to the good ole USA to sell.