Why New Balance turned on Trump over China tariffs

[riversedge]

Why New Balance turned on Trump over China tariffs

https://www.cnn.com/2019/06/16/economy/new-balance-china-tariffs/index.html?utm_content=2019-06-17T18%3A56%3A24&utm_medium=social&utm_term=image&utm_source=twCNNp



Updated 7:00 AM ET, Mon June 17, 2019



Washington (CNN Business)American sneaker company New Balance welcomed President Donald Trump's tough trade stance in 2016 -- but now the athletic footwear manufacturer is strongly opposing the President's latest threat to expand tariffs on China.

New Balance boasts that it's the only major company to make more than four million pairs of athletic shoes a year domestically. It has five New England factories, with one more expected to open next year. The catch? It needs to import component parts from China that are no longer made in the United States.


"The proposed Tranche 4 tariffs will risk our company's overall financial health, which will in turn limit our ability to maintain and reinvest in our American factories," said a letter submitted by New Balance to the US Trade Representative's Office ahead of a hearing next week.



Trump's new tariff threat could make iPhones, toys and shoes more expensive


It's just one example of how many American corporations have built supply chains that span the globe, and why Trump's protectionist trade policies won't work to bring manufacturing back to the United States. It's just too hard to ding China without hurting American companies, workers and consumers along the way.

New Balance will join a chorus of opposition to a proposed new round of tariffs on Chinese goods at hearings this week. More than 300 company executives and trade group officials are scheduled to testify, from industries ranging from apparel and toys to fishing and fireworks. ....................................

[raccoon]

1. Well I'm glad these business executives are ticked off

I’m glad these business executives are ticked off at the dotard and his stupid policies. We need all the help we can get.

[Nay]

4. The only time anything gets corrected is when businesses get pissed off, unfortunately.

I wish TPTB would get busy fixing things for the citizens themselves, but, oh well. We're waaaay down on the list of priorities.

[raccoon]

7. We sure are. Nt

[sarabelle]

9. Ticked off? They need to be ticked off with themselves and all the business owners and CEOs

whose quest for obscene profits moved good-paying manufacturing jobs out of the country. We have not lost those jobs to foreign countries that are eating our lunch, we have lost the citizen skill base to make the vital parts we need in this country. The wealthy 2% in this country has mistakenly turned the nation into believing that we all are members of a leisure class. We no longer even train our prodigy to work with their hands and brains and brawn. The top of our economic system has forced the bottom to become almost irrelevant except to be able to consume whatever they have programmed us to consume. Now the consumer base is beginning to lose its ability to consume at levels that promise to keep the leisure class to ENJOY its status without having to succumb to fear and loathing of "those others." America is no longer a land of hard earned comfort and safety for anyone. We have lost the ability to and inclination to want to see the worth and success of those around us. We are afraid of each other and despise each other at levels not seen in my lifetime even during the days of segregation. Those of you who are older than 65 know exactly what I mean.

Sadly, what made our standard of living good for all is lost forever to the greed and corruption of a privileged class that was born during the Reagan era when we were admonished that Americans need not share good fortune with each other and Americans need not sacrifice for anything.

[Achilleaze]

2. republicans accept full responsibility for this epic FAIL

[Sherman A1]

3. That's nice

Now do something about it....

[Honeycombe8]

5. You got what you asked for, New Balance. Thank you. nt

[Arazi]

6. Won't work. #TraitorTrump insists the tariffs are enriching the US treasury

This is either deliberate gaslighting or he's so delusional now he doesnt understand the facts anymore.

Either way he doesn't give a fuck what these companies have to say since appeasing them has no impact on what he's actually doing here which is wrecking the US by every means possible.

He's working Putin's agenda now. Full stop

[True Blue American]

8. We need more.

i hope all the Business execs get on the ball and push both Dems and women. We really need more women in the Senate. The House is looking good.

No one can accomplish more than a fed up woman..

[Timmygoat]

10. Trump could always

Give them subsidies like he is giving the farmers!
Oh! wait - isn't that socialism?

[DownriverDem]

11. As ususal

trump does not understand the global economy. The US makes very little here.

[Hortensis]

12. I've never gotten over how a $5 item can even exist when

it requires chains of production, delivery, sales in often many nations. Everything we purchase starts with things under/in the soil or growing on it, so the chains all begin with digging, cutting, growing raw materials.

And due to advances in technology, prices on most things have typically been dropping dramatically even as incomes and wellbeing of hundreds of millions rise around the globe.

This is all a wonder. How can this be?

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