70% of shoes sold in the US comes from China. With new tariffs, the industry braces for a hit.
Adidas says Vietnam is its largest sourcing country, with 42% of volume coming from there. In 2018, it did about 18% of volume in China, down 1% from 2017 levels, according to SEC filings.
According to Priest, it's discount retailers like Walmart that remain particularly dependent on China for footwear production. "Ten percent [tariffs are] going to create a lot of pain, particularly for companies that serve low-cost customers." Meanwhile, another impact of the new tariffs could be more footwear businesses going under. The sector has already been having a rough ride.but it filed for bankruptcy in February
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