Over 170 U.S. shoe companies warn Trump of "catastrophic" trade war effects

More than 170 U.S. shoe companies — including Nike, Adidas and Steve Madden — signed onto a letter with the Footwear Distributors and Retailers of America to warn President Trump of "catastrophic" repercussions in the industry if the U.S.-China trade war continues.

Why it matters: The letter argues that Trump's proposed 25% tariff on footwear would cause "unfathomable" effects and could cost American customers an extra $7 billion a year, despite the president's incorrect assertion that tariffs are paid by China directly into the U.S. Treasury. The companies ask Trump to "bring this trade war to an end."

Go deeper: Trump's newest tariff threat could raise iPhone, Nike shoe prices