Matt Priest, president and CEO of the Footwear Distributors and Retailers of America (FDRA), wrote a letter to the Trump Administration today requesting a duty deferment extension. Noting that the U.S. has already lost more than 100,000 footwear jobs, Priest says the industry needs this simple action to help stop the damage from getting worse.
“Today, we called on the Trump Administration to extend its current duty deferment plan for the rest of the year. This would free up much-needed capital to help U.S. footwear companies stay in business and preserve U.S. jobs,” Priest states. “These duties would still be paid, just at a later date, so there is no loss to the federal government. We hope that everything is on the table to save our economy. If it is, then duty deferment is an easy way to ensure footwear companies and their workers have the liquidity they need to regain their footing during this unprecedented time.”
A recent FDRA executive survey showed 70 percent of shoe executives expect sales to drop 20 to 40 percent in 2020, and it will take six months or more to get back to normal supply chain operations—again pointing to the need for extended duty deferment. Here is the letter in full: