Steve Madden to slash China sourcing by as much as 45% as Trump’s tariff plan looms!

• Steve Madden’s CEO said the company will reduce the goods it imports from China by as much as 45% over the next year.
• On the campaign trail, President-elect Donald Trump said he would impose a 10% to 20% tariff on all imports, with tariffs as high as 60% to 100% on goods from China.
• Other retailers and brands have already made a push to diversify sourcing from China because of tariff risks, labor shortages and supply chain disruptions.

Steve Madden
said Thursday that it will slash the goods it imports from China by as much as 45% over the next year as it braces for President-elect Donald Trump to carry out his pledge for steep tariffs on imports from other countries.

On an earnings call, CEO Edward Rosenfeld said the shoe brand has been “planning for a potential scenario in which we would have to move goods out of China more quickly.” Over the past few years, he said, it’s looked for factories in other countries, including Cambodia, Vietnam, Mexico and Brazil.

www.cnbc.com/2024/11/07/steve-madden-to-slash-china-sourcing-as-trumps-tariff-plan-looms.html