by Ireland Owens
According to Bloomberg, Steven Madden said Thursday that he is accelerating plans to move production out of China in anticipation of President-elect Donald Trump imposing increased tariffs on imported goods when he returns to office.
In the company’s earnings call Thursday, the New York retailer said it now plans to reduce the number of products made in China by 40% over the next year. According to to Bloomberg. According to Bloomberg, the company has previously set a goal of reducing emissions by 10 percent over the next year.
“We are putting this plan into action yesterday morning,” Steve Madden CEO Edward Rosenfeld told analysts on an earnings call Thursday, Bloomberg reported.
Trump defeat Vice President Kamala Harris is seeking re-election with 270 electoral votes by about 2 a.m. Wednesday after winning key battleground states of North Carolina, Pennsylvania and Georgia. US stock exchange he rose Wednesday after the Republican victory.
The president-elect has already proposed an augment tariffs on various imported goods, including declaring in September that it was impose 200% tariff on John Deere tractors if it closes its US plant and moves production outside the US to Mexico.
Trump also promised implementation politics aimed to accelerate domestic production throughout his presidential campaign, including announcing in October, he announced that interest on car loans would be fully tax-deductible to boost domestic car production and lower the cost of car ownership.
The president-elect introduced various things tariffs during his previous administration, including passing tariffs on steel and aluminum in 2018. Many of these tariffs are drastic lifted up price of goods coming from China.
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Ireland Owens is a reporter with the Daily Caller News Foundation.
Photo “Founder Steve Madden” by Steve Madden.
