Multi-billion dollar shoe company speeds up shifting production out of China following Trump victory

Steven 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.

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.

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.

All republished articles must include our logo, our reporter’s byline, and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

DONATE TO BIZPAC REVIEW

Please help us! If you are fed up with letting radical big tech execs, phony fact-checkers, tyrannical liberals and a lying mainstream media have unprecedented power over your news please consider making a donation to BPR to help us fight them. Now is the time. Truth has never been more critical!