Whether it’s Flyknit versus Primeknit or React versus Boost, Nike and adidas might not always see eye-to-eye on things.
However, when it comes to President Trump’s trade war with China and proposed higher tariffs on products made in the Far East country, the Swoosh and the Three Stripes are in total agreement.
Nike and adidas are among 173 companies who have signed an open letter posted by The Footwear Distribution and Retailers of America to end the trade war with China.
Simply put, the brands that make footwear in China feel that the higher tariffs would make American customers have to foot the bill – no pun intended. Essentially, if the trade war continues and higher tariffs come into play, shoes from Nike, adidas and even Sketchers will be more expensive for US consumers.
The new policy presented would see higher tariffs of up to 25%. This would have a tremendous impact on the brands, their employees and their consumers.
Update 8/3: According to reports over the weekend, the new proposed tariff hike will be 10% instead of the initially reported 25%. With 70% of shoes sold stateside coming in from China, the hike will be significant for all brands.
Keep it locked to Nice Kicks for updates on this developing story.
Updated Source: CNBC