Steep U.S. Tariffs Impacting Businesses
Amid steep new U.S. tariffs, footwear company Keen plans to keep prices steady while many others are forced to hike prices to absorb costs. Keen has diversified its supply chain beyond China to mitigate risks associated with tariffs, operating in multiple countries including the U.S., Dominican Republic, and Thailand. Experts warn that the footwear and apparel industries, heavily reliant on China, could see prices rise significantly, with average annual household spending expected to increase from $1,700 to $2,800 due to tariff-related hikes.
