According to a report published by Bloomberg and seen by Sky News Arabia, the decision came in anticipation of the possibility of increasing customs duties on imported goods between the two countries.
The famous shoe retailer aims to reduce the volume of goods manufactured in China by 40 percent over the next year, up from its previous target of a 10 percent reduction.
“As of yesterday morning, we are putting this plan into action,” CEO Edward Rosenfeld told analysts on an earnings call Thursday.
Consumer companies are racing to get ahead of potential tariffs Washington And Beijing, by warning of the impact it may have on the prices of everyday products.
Trump threatened to impose tariffs of 60 percent on goods imported from China, and up to 20 percent on goods from other countries, to encourage more domestic manufacturing.
According to Bloomberg, companies based in… US They are based on Chinese factories because they are able to produce goods at a lower cost.
Rosenfeld told analysts: “If we are thinking about a new policy that includes significant tariffs on… China“This will have all kinds of wide-ranging consequences not only in the supply chain, but in the economy in general.”