{"id":1234729134,"date":"2024-11-07T22:30:20","date_gmt":"2024-11-08T03:30:20","guid":{"rendered":"https:\/\/footwearnews.com\/?p=1234729134"},"modified":"2024-11-08T11:23:18","modified_gmt":"2024-11-08T16:23:18","slug":"steve-madden-trump-tariffs-china-production","status":"publish","type":"post","link":"https:\/\/footwearnews.com\/business\/business-news\/steve-madden-trump-tariffs-china-production-1234729134\/","title":{"rendered":"Trump’s China Tariffs Are Looming: Steve Madden Already Has a New Sourcing Strategy in Place"},"content":{"rendered":"


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Donald Trump<\/a> won a second term for president on Wednesday morning. A few hours later, Steve Madden <\/a>had put a plan in motion to move a large portion of its production out of China \u2014 and quickly.<\/p>\n

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It’s well known that one of Trump’s biggest campaign promises was to slap tariffs on shoes and other Chinese imports \u2014 a move that would translate into significant price increases. In a\u00a0study released this week<\/a>, the National Retail Federation warned U.S. consumers could pay between $6.4 billion to $10.7 billion more for footwear a year with proposed tariffs<\/a>.<\/p>\n

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Ed Rosenfeld, chief executive officer of the New York-based company, told analysts on a conference call Thursday that Madden \u2014 which reported solid third-quarter earnings \u2014 had been preparing for a “potential scenario in which we would have to move goods out of China more quickly.” <\/p>\n

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Of course, footwear and retail executives are well aware of the impact tariffs can have on their bottom lines. The issue was a major storyline during Trump’s first term.<\/p>\n

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Overall, about two-thirds of Madden’s business is derived from imports. And about 70 percent of those imports are sourced from China. That means just about half of Madden’s business is currently subject to tariffs \u2014 if Trump ultimately decides to put them in place. <\/p>\n

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Rosenfeld said the company has been working hard to develop production capabilities in Cambodia, Vietnam, Mexico and Brazil. <\/p>\n

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The company’s goal: To reduce the percentage of goods produced in China by 40 to 45 percent. “If we’re able to achieve that, a year from today we would be looking at just over a quarter of the business subject to tariffs,” Rosenfeld said.<\/p>\n

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One thing is clear: The industry wants to avoid the tariffs altogether. <\/p>\n

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\u201cThe supporters of the president-elect are very concerned about their pocketbooks,\u201d FDRA president and chief executive officer Matt Priest said this week<\/a>. \u201cEncouraging the administration not to add taxes on goods for American people is probably a really good place to start if you want to ensure that the prices stay low.”<\/p>\n

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\u2014 With contributions from Shoshy Ciment<\/p>\n

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The company said it was taking immediate steps to move more production out of China. <\/p>\n","protected":false},"author":74637542,"featured_media":1234728640,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"authors":[],"contributors":[],"styled_by":[],"_image_credit":"","_wp_attachment_image_alt":"","pmc_selected_wwd_video_media":"","pmc_top_video_source":"","pmc_top_video_duration":"","wwd_top_video_source":"","wwd_top_video_duration":"","pmc_selected_featured_media":"","pmc_selected_video_media":"","pmc_selected_variety_video_media":"","variety_top_video_source":"","variety_top_video_duration":"","pmc_featured_media_has_alt_text":true,"_pmc_featured_animated_media_id":0,"_pmc_featured_video_override_data":"","_pmc_featured_video_override_url":"","pmc-gallery-linked-gallery":{},"pmc_list_item_description":"","primary_category":"","primary_vertical":"","_mt_pmc_exclude_from_seo":"","pmc-gallery":[],"categories":179,"subcategories":378251816,"mt_seo_title":"Trump Tariffs: Steve Madden's New Sourcing Plan For Shoe Tariff Threat","mt_seo_description":"As Trump prepares for his second term and again pledges to slap tariffs on shoes, Steve Madden is moving production out of China to other countries. ","mt_pmc_exclude_from_seo":"off","_pmc_canonical_override":"","instant_articles_should_submit_post":false,"_sailthru_selected_alerts":[],"_sailthru_send_override":false,"_sailthru_alert_subject":"","_sailthru_breaking_news_meta_data":[],"experimental_features_inline_styles":"","linked_video_id":"","pmc_hubs_hide_header":false,"override_post_title":"","override_post_excerpt":"","apple_news_api_created_at":"2024-11-08T03:30:47Z","apple_news_api_id":"74cc49bb-3152-420f-8336-fd9ee5453ecb","apple_news_api_modified_at":"2024-11-08T16:23:43Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAA==","apple_news_api_share_url":"https:\/\/apple.news\/AdMxJuzFSQg-DNv2e5UU-yw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"[]","_pmc_automated_related_links":{"settings":{"module_name":"Related","hide_box":0},"data":[{"url":"","id":"","title":"","automated":true},{"url":"","id":"","title":"","automated":true},{"url":"","id":"","title":"","automated":true}]},"overlay_text_placement":[],"overlay_text_one":[],"overlay_text_two":[],"kicker_meta_block_field":[],"_pmc_kicker":[],"pmc_multiple_products_title":"","_jetpack_memberships_contains_paid_content":false,"jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[179,378251816],"tags":[378240141,378240032,378246643],"post_format":[],"_post-options":[],"pmc_ads_suppression":[],"editorial":[],"ep_custom_result":[],"coauthors":[308820104],"jetpack_publicize_connections":[],"apple_news_notices":[],"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Trump’s China Tariffs Are Looming: Steve Madden Already Has a New Sourcing Strategy in Place","url":"http:\/\/footwearnews.com\/business\/business-news\/steve-madden-trump-tariffs-china-production-1234729134\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/footwearnews.com\/business\/business-news\/steve-madden-trump-tariffs-china-production-1234729134\/"},"thumbnailUrl":"https:\/\/footwearnews.com\/wp-content\/uploads\/2024\/11\/GettyImages-2182919783.jpg?w=150","image":{"@type":"ImageObject","url":"https:\/\/footwearnews.com\/wp-content\/uploads\/2024\/11\/GettyImages-2182919783.jpg"},"articleSection":"Business News","author":[{"@type":"Person","name":"Katie Abel"}],"creator":["Katie Abel"],"publisher":{"@type":"Organization","name":"Footwear News","logo":"https:\/\/footwearnews.com\/wp-content\/uploads\/2018\/04\/cropped-fn_favicon2.png"},"keywords":["donald trump","steve madden","tariffs","business","business news"],"dateCreated":"2024-11-08T03:30:20Z","datePublished":"2024-11-08T03:30:20Z","dateModified":"2024-11-08T16:23:18Z","pmc-gallery-linked-gallery":{}},"rendered":"