According to Bloomberg, Stephen Madden said Thursday that the company is accelerating plans to move production out of China in anticipation of imposing additional tariffs on imports when President-elect Donald Trump returns to office. Ta.
The New York-based retailer said on an earnings call Thursday that it plans to reduce products made in China by 40% within the next year. According to To Bloomberg. The company had previously set a goal of cutting 10% within the next year, according to Bloomberg.
“As of yesterday morning, we are executing on that plan,” Steve Madden CEO Edward Rosenfeld told analysts on an earnings call Thursday, Bloomberg reported. told.
CENTRAL VALLEY, NY – NOVEMBER 17: Vineyard Vines, Steve Madden, Fila and Coumbia Sportswear at Woodbury Common Premium Outlet Shopping Mall on November 17, 2019 in Central Valley, New York. People passing by the Company's store. (Photo by Gary Hershorn/Getty Images)
Trump defeated Vice President Kamala Harris in his bid for re-election, winning key battleground states such as North Carolina, Pennsylvania and Georgia, securing 270 electoral votes by around 2 a.m. ET on Wednesday. . U.S. stock markets soared Wednesday following the Republican victory.
The president-elect has previously proposed raising tariffs on a variety of imports, including a 200% tariff increase on John Deere tractors in September if they close their U.S. factories and move production outside the U.S. to Mexico. He announced that he would impose tariffs on (Related: Fed cuts interest rates in first post-election decision)
Trump also sought to accelerate domestic manufacturing throughout the presidential campaign, including announcing in October that interest on auto loans would be fully tax deductible to encourage domestic auto manufacturing and lower the cost of car ownership. He promised to enact policies aimed at achieving this goal.
The president-elect introduced various tariffs during the previous administration, including enacting tariffs on steel and aluminum in 2018. Many of these tariffs significantly increased the price of imports from China.
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