The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
The cost of your sneakers or high heels could soon jump, thanks to another round of tariffs under consideration by the Trump administration as part of an ongoing trade war with China.
The White House on Monday released a fresh list of about $300 billion in Chinese goods that could get hit with 25% tariffs, if President Donald Trump decides to move forward with his threat. The list includes footwear — everything from sneakers to sandals, golf shoes, rain boots and ski shoes.
Should the tariff increase ultimately take effect, analysts say consumers would feel the brunt of the impact. And the American footwear industry is particularly dependent on China.
In 2017, China accounted for about 72% of all footwear imported into the U.S., according to the American Apparel and Footwear Association. The U.S. imported $11.4 billion worth of footwear from China last year, according to data from the U.S. Census Bureau.
"While brands have moved their production into other countries in Asia because labor costs are lower there, everybody is still making shoes in China," said Matt Powell, a sports analyst for NPD Group. "The Chinese have years of expertise. They tend to be the best at making high-value product."
Both Nike and Adidas — the top two sneaker makers in the U.S. by sales — have steadily been easing their reliance on China, shifting production to Vietnam instead. Both companies declined to comment when reached by CNBC.
Puma has said it's working to do more of the same. But China still dominates when it comes to footwear manufacturing.
"For a lot of working families who buy shoes at Walmart, Target and these other retailers ... a ton of volume runs through [China], " said Matt Priest, the president and CEO of the Footwear Distributors and Retailers of America, a trade organization. The proposed tariffs on footwear "are concerning to say the least," he said. "It's every single type of shoe."
FDRA said a popular type of canvas "skate" sneaker, currently retailing at $49.99, with a 25% tariff, could increase to $65.57. The price of a typical hunting boot would increase from $190 to $248.56. And a popular performance running shoe could jump from $150 to $206.25, FDRA said.
Ultimately, a 25% tariff on footwear could cost shoppers more than $7 billion each year, Priest said — what he called a "conservative" estimate.
— CNBC's Jessica Golden contributed to this reporting.