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Business

Sneakers complicate Trump's anti-trade job revival plan

Opening sequence

Opening sequence

Business

Sneakers complicate Trump's anti-trade job revival plan

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COMING UP:Sneakers complicate Trump's anti-trade job revival plan

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Transcript

00:00:01
>> If you want to know how hard it may be for President-elect Donald Trump to make good on his promise to bring manufacturing jobs back to the US, just look down at what's on your feet. Reuters journalist Timothy Aeppel.>> What's happened in the last, say five to seven years, is as prices and costs have gone up in China, a lot of manufacturers have moved shoe manufacturing into Vietnam.
00:00:25
And one of the expectations was that if you got TPP, you would suddenly have a duty-free pathway into the United States from a low-cost Asian source of shoes.>> TPP is the much maligned trade agreement, known as the Trans-Pacific Partnership, and Trump has promised to rip it up.
00:00:43
But trade experts and industry insiders tell Reuters if there's no TPP and instead trade tensions and tariffs, Americans could end up paying a whole lot more. And this is no small matter. 98% of all US footwear is imported. But even if prices for imports go up, that doesn't mean jobs will come back to the USA.
00:01:06
And even if they do, they won't necessarily be for low-skilled factory workers.>> The other issue right now for the shoe industry is that they're developing technologies that are trying to automate a lot of the production processes. One of the things that people in the industry told me was that technology is going to be used worldwide.
00:01:25
Jobs that stay or that come back, whichever category you put it in, are going to be highly automated jobs that will tend to create jobs for more technically skilled workers, much fewer of them.>> For Trump, the challenge is great, making good on a brash promise to create 25 million jobs within a decade or face an even angrier electorate than the one that swept him to power.