Footwear Companies Lobby Trump To Remove Tariffs

On Aug. 1, President Donald Trump announced that he will impose additional 15% tariffs on $300 billion in Chinese imports.

Footwear firms are asking Trump to cancel the tariffs, The Hill reported Wednesday. 

More than 200 companies that signed a letter to Trump argued the tariffs are tantamount to taxes on American consumers and will hurt working-class families, according to The Hill. 

Footwear giants like Adidas (OTC: ADDYY) and Foot Locker, Inc. (NYSE: FL) signed the letter, which raises concerns that the tariffs will cost consumers an additional $4 billion annually.