United States and China have suspended trade hostilities for 90 days following the G20 summit over the weekend in Buenos Aires, Argentina. The 25 per cent hike in tariffs that President Donald Trump had threatened on $200 billion worth of Chinese goods will not come into effect on January 1 as was originally planned. Instead, the 10 per cent tariff will remain in place as the two countries begin negotiations that also address China’s alleged forced technology transfers and cybercrimes.

The most recent set of tariffs already affect clothing and accessories, including handbags and wallets, while the fourth set, which would hit $257 billion in goods, can hugely affect the footwear industry. Since the levies encompass a wide variety of consumer products, retailers would have to raise prices to accommodate soaring import costs. A number of companies, including Steve Madden, are planning to relocate their factories from China, which could potentially disrupt their supply chains as well as affect shipping times and sourcing strategies.