Shoe company Steve Madden announced it would slash Chinese imports up for 45% over the next year shortly after the re-election of Donald Trump, who has pledged to place tariffs on imports from China as high as 60%.
The company’s CEO, Edward Rosenfeld, stated that his company in recent years had been examining alternatives to importing goods from China, naming Brazil, Cambodia, Mexico and Vietnam, CNBC reported.
“As of yesterday morning, we are putting that plan into motion,” he said. “And you should expect to see the percentage of goods that we sourced from China to begin to come down more rapidly going forward.” He estimated his company’s imports amounted to roughly two-thirds of their business, with about 70% of that coming from China.
“Our goal over the next year is to reduce that percentage of goods that we sourced from China by approximately 40% to 45%, which means that if we’re able to achieve that and we think we have the plan to do it, that a year from today,…
