Some of the world’s biggest footwear firms are urging Donald Trump to end the US trade war with China, warning of a “catastrophic” effect on consumers.

A letter signed by 173 companies, including Nike and Adidas, says the president’s decision to raise import tariffs to 25% will disproportionately affect the working class.

They also warn that higher levies threaten the future of some businesses.

Mr Trump maintains that trade deficit will China hurts the US economy.

The US president increased levies on $200bn worth of Chinese imports into the US from 10% to 25% more than a week ago after Washington and Beijing failed to reach a deal on trade.

China retaliated by announcing plans to raise levies on $60bn of US imports from 1 June.

Source: BBC

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