Two of the world’s leading sportswear giants have urged US President Donald Trump to end the current trade war between the States and China, as they warn that there will be a ‘catastrophic’ effect on consumers should it continue.
Adidas and Nike were two of the 173 companies within the sector that have criticised Trump’s decision to hike import tariffs up 25%, and stated: “It is time to bring this trade war to an end.”
The companies’ biggest fear was the impact the decision will have on the working class, and global businesses like Clarks, Dr Martens and Converse have rallied behind the cause.
In recent weeks, Trump increased levies on Chinese imports into the US to a total of around £158bn – after the two nations failed to reach a new deal. China retaliated by announcing plans to raise levies on US imports to £48bn.
China buys MUCH less from us than we buy from them, by almost 500 Billion Dollars, so we are in a fantastic position. Make your product at home in the USA and there is no Tariff. You can also buy from a non-Tariffed country instead of China. Many companies are leaving China…..
— Donald J. Trump (@realDonaldTrump) 14 May 2019