Steve Madden says it will cut production in China to avoid Trump tariffs

One company is already responding to President-elect Trump's proposed tariffs, which if imposed could result in higher prices for American consumers as retailers pass along added costs on imports to shoppers. 

Shoemaker Steve Madden says it plans to import fewer goods made in China to the U.S., and replace them with items made in other countries. 

The company said on an earnings call with analysts Thursday that the plan to reduce its reliance on China and diversify its imports has been in the works for some time.