Families may shell out $500 more a year for shoes because of tariffs, retail analyst says
Your running shoes may be a victim of the trade war between the U.S. and China, according to a retail analyst.
“This might cost a family of four about $500 a year,” Hitha Herzog told Fox Business on "Countdown to the Closing Bell with Liz Claman” on Tuesday.
“The consumer pays for the tariffs but it comes in price hikes,” she said. "That gets translated into what we end up paying for those shoes for those accessories that are going to be getting a tariff”.
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A solution would be for companies to stop manufacturing in China but Hitha says it isn’t so easy.
“This isn't something that can happen instantaneously,” she said. "It is very difficult to up and move your manufacturing that quickly in some cases it's taking years”.
Dozens of brands including Under Armour and Nike have been urging Trump to halt plans to hike tariffs on footwear imported from China.