Trump's trade war is amounting to nothing more than a tax on everyday items Americans need, like shoes.
Americans in every walk of life can expect the see the cost of shoes spike in the coming months, thanks to Trump's trade wars. According to a Thursday report in Footwear News, families will be forced to spend an additional $132 more every year for footwear.
The estimate comes from the Footwear Distributors and Retailer of America (FDRA), a trade group representing the footwear industry. The group issued a stark statement to the Trump administration, warning of how harmful Trump's actions will be for families across the country.
A May 20 letter endorsed by FDRA and signed by most major shoe companies, including Nike, Adidas, Converse, and more than 100 more, lambasted Trump's decision to continue escalating a trade war with China and other countries.
Escalating tariffs "would be catastrophic for our consumers, our companies, and the American economy as a whole," the letter says. "FDRA estimates your proposed actions will add $7 billion in additional costs for our customers, every single year."
Later in the month, FDRA released a separate statement criticizing Trump's reckless efforts to add more tariffs to products from Mexico, calling it a "massive tax."
"We are deeply concerned about the President's continued use of tariffs as a political weapon," Matt Priest, president and CEO of FDRA, said in a recent statement. "It simply does not make sense to impose massive tax increases on hardworking American individuals and families as a bargaining chip for negotiating with Mexico or China."
Trump's reckless trade wars are taxing Americans in a variety of ways. Already, household items like washing machines cost almost $100 more because of Trump's actions. And the toy industry weighed in, saying the cost of toys will spike and likely stay higher through the holiday season. And the fast-casual dining chain Chipotle said the cost of burritos may increase because of Trump's proposed tariffs against Mexican imports.
Even Costco, known for keeping prices stable, recently admitted they will soon be forced to raise prices.
"At the end of the day, prices will go up on things," Richard Galanti, Costco's CFO, told investors in response to a question about Trump's trade war with China.
Published with permission of The American Independent.