U.S. footwear imports from China just had their worst January in more than a decade, FDRA President and CEO Matt Priest told CNBC in an interview.
between the U.S. and China, when the spread of the coronavirus began in China, prompting quarantines and shuttered factories.
Though trade tensions eased somewhat in late 2019, Priest said shoe companies are still mitigating the duties they must pay on footwear imported from Asia. "The virus is now going to coexist with the trade war," he said. "Just because the coronavirus is here does not mean the tariffs are going away." Many shoe makers had already started to diversify their supply chains and reduce their reliance on China as a result of the higher tariffs. Companies including Nike, Under Armour and Puma have steadily been shifting resources to places such as Vietnam.Still, these businesses will inevitably take a hit from the coronavirus, as evidenced by the slowing rate of imports to kick off 2020.
Adidas CEO Kasper Rorsted is referring to the spread of COVID-19 as "a painful setback" for the company's business, as it is already seeing traffic declines at some of its shops. It has not yet factored a hit into its full-year outlook.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. Chip Industry Fears Long-Term Damage From China Trade FightThe U.S. semiconductor industry is pressing to get out of the firing line between the U.S. and China, warning its position as the global market leader could become a casualty of the trade spat.
Read more »
US companies in China are finding it harder to make moneyAs growth slows in the world's second-largest economy, American companies are looking for more reasons why they should stay and invest more.
Read more »
U.S. farmers still dependent on trade aid after China dealAs U.S. President Donald Trump touted the signing of a U.S.-China trade deal in ...
Read more »
Coronavirus updates live: U.S. cases top 1,000 as spread slows in ChinaThe coronavirus crisis continues to unfold across the world as Italy begins a country-wide lockdown.
Read more »
U.S. Companies in China Were Struggling Before CoronavirusThe annual snapshot of business conditions from the American Chamber of Commerce in China underscores how fragile conditions were for U.S. companies before the Covid-19 epidemic began to come into public view.
Read more »
Busiest U.S. port for China trade says coronavirus hits volumeCargo volumes at the Ports of Los Angeles and Long Beach, the No. 1 gateway for ...
Read more »