Tariffs news and archive

US makes new offer to EU in tariff dispute

In the trade dispute with the EU, the US submitted a new offer. The European Commission confirmed on Thursday that it had received a relevant US document. It was being reviewed, Commission President Ursula von der Leyen said on Thursday night after an EU summit. "We are ready for an agreement. At the same time, we are preparing for the...

Business

How the US 25 percent trade tariff increase could hit EU and UK fashion

The United States announced recently that it would apply a tariff increase of 25 percent on goods from three European countries, as well as the United Kingdom, Turkey and India. The measure was soon suspended to allow for international negotiations to proceed. The 25 percent tariff increase was announced in response to the EU’s decision to apply...

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Business

US imposes retaliatory tariffs on UK and EU products, including luxury brands

Fashion companies may have little to do with Airbus and aviation, but tariffs imposed by the US Trade Representative (USTR) effective September 1st will see retaliatory tariffs of 25 percent on goods including tailoring, wool, cashmere and linen homeware. Walpole, the trade body representing British luxury companies, said Washington had...

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Business

Savile Row hit hard by US tariff increase

35 milion pounds of fashion and textile exports from the UK will be subject to new tariffs next week. To put this in perspective, figures form the UK Fashion and Textile Association (UKFT) show approximately 23 percent of exports from British luxury brands in 2017 were shipped to America. The 25 percent tariffs come at a time when a no deal...

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Fashion

Made-in-UK clothing to be hit by 25 percent US tarrifs

Made-in-UK clothing, including sweaters, pullovers, and cashmere and wool items, will be subject to 25 percent tariffs when sold in the US market, effective 18 October. The World Trade Organisation (WTO) ruled on Wednesday that the US could impose tariffs on 7.5 billion dollars (6.1 billion pounds) worth of European goods. It is the largest...

Fashion

Fashion and retail industries react to new China tariffs

The fashion and retail industries has reacted to Donald Trump’s announcement on Thursday that he planned to impose a 10 percent tariff on the remaining 300 billion dollars of imports from China beginning 1 September, 2019. The American Apparel & Footwear Association condemned the President’s decision, describing additional costs for “...

Business

U.S. – China tariff war ramps up this week

Relations between China and the U.S. continue to worsen, with a new round of tariffs on each other’s goods kicking off this Monday. “We don’t want to, but we probably will have no choice,” U.S. President Donald Trump said of the tariff escalation at the Oval Office last week, reported ‘Bloomberg News’. “We’re making a lot of headway with China,”...

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Business

As trade war rages, Trump flags fly out of China factory

As the China-US trade war rages, a factory set amid corn and mulberry fields in central China stitches together US and "Trump 2020" flags -- and business is good. The US and China have slapped tariffs on billions of dollars worth of each other's goods, but there is little evidence of the dispute at the Jiahao Flag Company in Anhui province....

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Retail|BUSINESS & OPINION

Everyone Loses in a Tariff War

As of June 22, 2018, the European Commission imposed temporary twenty-five percent ad valorem tariffs on certain goods originating in the United States and imported into the European Union. The list of goods affected by these tariffs includes cosmetic preparations, t-shirts, trousers, denim, and footwear, among others. This measure was in direct...

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Business

Made-in-USA apparel machinery spared from Trump's tariffs

As Donald Trump proceeds with his potential trade war with China after the 50 billion dollars in tariffs he slapped on them, the U.S. apparel and manufacturing industry is breathing a sigh of relief because thankfully the actual shirts and shoes imported from China won't be subject to the tariffs. However, that doesn't mean economists and...

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Business

Clothing brands to see tariffs removed in new TTP trade agreement

As the US and EU continue to battle it out over the Transatlantic Trade Agreement, there is another trade agreement about to take affect which could greatly affect British fashion businesses. The Trans-Pacific Partnership, or TTP, is an agreement between 12 countries, the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand,...