Shoe mogul Steve Madden has criticised Donald Trump’s tariff policy, saying the President’s efforts to boost US manufacturing through import taxes are misguided and damaging to the economy.
Speaking on “The Cutting Room Floor” podcast, Madden argued that tariffs have raised prices on imported goods, and it’s consumers who are paying the price.
“They fundamentally do not understand what they’re doing,” he said. “You can thank your government for that.”
Trump’s new round of tariffs, including a targeted 25% tax on iPhones not built in the US, is part of a wider effort to reshore manufacturing and reduce reliance on foreign supply chains.
But Madden believes the policy overlooks the modern US economy and the value created by overseas partnerships, particularly with China.
While acknowledging that the US has lost manufacturing jobs to countries like China, Madden said Americans have gained “many better jobs” in sectors like tech, retail, and marketing as a result.
He used Apple as an example, pointing to the hundreds of thousands of US jobs he believes were created because iPhones are manufactured in China.
“We’re a society that doesn’t want to work in a factory making f*****g socks,” he said, adding that business leaders pushing for reshoring often “never made anything” themselves and don’t understand today’s economy.
Despite the White House defending the tariffs as part of a broader economic strategy to “restore American greatness,” many major retailers are sounding the alarm.
Apple is reviewing its production footprint, while Walmart, Best Buy, and Target have all warned that higher import costs will translate to rising prices for consumers.
“We are the people who create commerce — the Apples, the Steve Maddens, the UGGs, the Ralph Laurens — we create the economy,” Madden said. “And they’re destroying it.”
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