More than 200 U.S. footwear companies said the added 15 percent duties on shoes would come on top of tariffs that already average 11 percent and reach 67 percent on some footwear, boosting costs for consumers by US$4 billion every year.
The United States imposed 15% tariffs on a variety of Chinese goods and China began to impose new duties on a $75 billion target list.
Last month, US President Donald Trump said he was increasing existing and planned tariffs by five per cent on about US$550-billion worth of Chinese imports after Beijing announced its own retaliatory tariffs on US goods.
Greg McKenna, an independent Australian market strategist, offered this analysis: "All the while the tariffs are actually being imposed and the global growth, earnings, and interest rate cycles are pointing down again". Washington has imposed 25% tariffs on $250 billion worth of Chinese imports and is planning to hit another $112 billion on Sunday.
"We have been talking, we continue to talk", the president added. "When more and more Americans feel the pain, maybe it will be time for Washington to recover rationality".
Democratic presidential candidate Beto O'Rourke released a plan on Thursday that would end Republican President Donald Trump's trade war with China, but would also demand that China stop unfair practices such as currency manipulation and corporate espionage.
New tariffs on more than $110 billion in Chinese imports took effect Sunday, a sharp escalation in a geopolitical power struggle between the world's two largest economies.
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However, "toymaker Hasbro and clothing retailers like Express and Abercrombie and Fitch have said they will shift their supply chains to emerging manufacturing hubs in Vietnam, India and elsewhere", the NYT report said.
And 40% say they've lost sales in China because Chinese firms are anxious about doing business with American companies in the middle of trade hostilities, up seven-fold from 2018.
Several studies suggest the tariffs will cost U.S. households up to US$1,000 a year, with the latest round hitting a significant number of United States consumer goods.
A J.P. Morgan study found that Trump's tariffs will cost the average U.S. household $1,000 a year. Companies have already reduced investment spending, and exports have dropped against a backdrop of slower global growth.
"Imposing tariffs in September on the majority of all footwear products from China - including almost every type of leather shoe - will make it impossible for hardworking American individuals and families to escape the harm that comes from these tax increases", the companies wrote in a letter to Trump.
San Francisco Federal Reserve President Mary Daly said on Thursday that uncertainty and a global growth slowdown are having an impact on the USA economy and she was in "watch and see" mode in assessing the need for another US interest-rate cut.
Gary Shapiro, president of the Consumer Technology Association, said the Trump administration's approach of using tariffs to pressure China into a deal has backfired. It remains unclear how close the two sides are in reaching a final trade agreement.