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Author Topic: Why New Balance turned on Trump over China tariffs  (Read 26 times)

Offline Olde Hornet

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Why New Balance turned on Trump over China tariffs
« on: June 16, 2019, 03:54:12 PM »
https://www.cnn.com/2019/06/16/economy/new-balance-china-tariffs/index.html

Washington (CNN Business)American sneaker company New Balance welcomed President Donald Trump's tough trade stance in 2016 -- but now the athletic footwear manufacturer is strongly opposing the President's latest threat to expand tariffs on China.

New Balance boasts that it's the only major company to make more than four million pairs of athletic shoes a year domestically. It has five New England factories, with one more expected to open next year. The catch? It needs to import component parts from China that are no longer made in the United States.

"The proposed Tranche 4 tariffs will risk our company's overall financial health, which will in turn limit our ability to maintain and reinvest in our American factories," said a letter submitted by New Balance to the US Trade Representative's Office ahead of a hearing next week.
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