Steve Madden said Thursday that it is accelerating plans to shift production out of China in anticipation of President-elect Donald Trump introducing increased tariffs on imported goods when he returns to office, according to Bloomberg.
The New York-based retailer said in a company earnings call Thursday that it is now planning to reduce products manufactured in China by 40% within the next year, according to Bloomberg. The company had previously set a target of a 10% reduction within the next year, according to Bloomberg.
As of yesterday morning, we are putting that plan into motion,” Steve Madden CEO Edward Rosenfeld told analysts on an earnings call Thursday, Bloomberg reported.
CENTRAL VALLEY, NY – NOVEMBER 17: People walk past the Vineyard Vines, Steve Madden, Fila and Coulmbia Sportswear Company stores at the Woodbury Common Premium Outlets shopping mall on November 17, 2019 in Central Valley, New York. (Photo by Gary Hershorn/Getty Images)
Trump beat Vice President Kamala Harris in his bid for reelection, securing 270 electoral votes by about 2 a.m. EST on Wednesday following his winning in the key battleground states of North Carolina, Pennsylvania and Georgia. The U.S. stock market soared Wednesday following the Republican’s victory.
The president-elect previously proposed increasing tariffs on various imported goods, including saying in September that he would impose a 200% tariff on John Deere’s tractors if it closed an American factory and moved production outside of the U.S. to Mexico. (RELATED: Fed Cuts Rates In First Decision Since Election)
Trump has also promised to enact policies aimed at accelerating domestic production throughout his presidential campaign, including announcing in October that he would make interest on car loans fully tax deductible to boost domestic auto manufacturing and lower the cost of car ownership.
The president-elect introduced various tariffs during his previous administration, including enacting tariffs on steel and aluminum in 2018. Many of these tariffs drastically raised the price of incoming goods from China.
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