With Trump's victory, Americans' spending on shoes could increase by $10,7 billion a year
Following the release of information about the preliminary results of the US elections and the likely victory of Donald Trump in the presidential race, the National Retail Federation (NRF) of the States hastened to warn about what this could mean for the American footwear industry and for ordinary consumers.
According to Footwearnews.com, the federation calculated that Trump's proposed tariffs on imported goods (clothing, toys, furniture, appliances, footwear and travel goods) could cost American consumers between $46 billion and $78 billion annually.
Trump’s proposed tariff plans include a 10% to 20% tariff on imports from all foreign countries and an additional 60% to 100% tariff on imports from China in particular. Specifically, the cost of buying shoes for American consumers could increase by $6,4 billion to $10,7 billion per year. For example, $50 sneakers could become $59 to $64.
According to the latest data from the Footwear Distributors and Retailers Association of America (FDRA), U.S. shoe prices in September 2024 were flat compared to September 2023, but are expected to rise by the end of 2024 for the fourth year in a row.
“Retailers rely heavily on imported products and manufacturing components to offer their customers a variety of products at affordable prices,” said Jonathan Gold, vice president of supply chain and customs policy at the National Retail Federation. He noted that a tariff is a tax paid by the U.S. importer, not the foreign country or exporter. That tax is ultimately passed on to consumers through higher prices.
About 99 percent of shoes sold in the United States are currently imported from China, Vietnam, and Indonesia. The U.S. footwear sector, which supplies 2,5 billion pairs of shoes a year, already pays $4 billion a year in tariffs.
Footwear industry trade groups have been vocal about the adverse effects tariffs are having on consumers. In September, an FDRA survey found that tariffs and trade policy were the top concerns for U.S. footwear executives in the third quarter.
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