Steve Madden Ltd. (NASDAQ:SHOO), a major player in the footwear industry valued at $3 billion, has announced plans to significantly reduce its manufacturing operations in China. This strategic shift is in response to President-elect Donald Trump’s proposed tariffs on Chinese imports. What Happened: CEO Edward Rosenfeld revealed that the company intends to cut its production in China by half, as reported by CNN. Currently, 70% of Steve Madden’s imports come from China. The company plans to decrease this to between 40% and 45% over the next year by shifting production to countries like Cambodia,…