Tariffs news and archive

Trump's proposed tariffs could change American retail

Stories of retailers bulk buying and allocating greater resources to acquire immediate stock, are just some of the conversations the fashion industry is having in the wake of Donald Trump’s re-election as president and expectations of increased tariffs. With Mr Trump having previously warned he may levy a 60 percent tariff on imported goods from...

Business

Steve Madden to cut Chinese imports by almost half in wake of Trump re-election

The chief executive officer of Steve Madden, Edward Rosenfeld, has told investors that the company could reduce the amount of goods it imports from China by as much as 45 percent in the wake of Donald Trump’s re-election. His comments, which came during a Q3 earnings call, are in regards to Trump’s plan to raise tariffs on Chinese imports by up...

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...

Business

US threatens tariffs on UK clothing exports in tech tax row

A new trade war could be ensue if the US imposes a 25 percent tariff on some UK exports, including clothing. The tariffs would be a retaliatory move over the UK’s tax on big tech companies. Last April a digital services tax was introduced to ensure companies including Google and Facebook – the big social media platforms, search engines and...

BusinessFeatured

US to suspend retaliatory tariffs on UK luxury for four months

A joint announcement from the new US administration and the UK Government on Thursday said the US will suspend retaliatory tariffs on British luxury for four months. This will temporarily halt the 25 percent tax hike on items like cashmere, wool, tailoring, bed linen and single-malt whisky. Walpole, the UK trade body representing British luxury...

Business

UK seeks post-Brexit trade deal with US

The UK has announced a new approach to US tariffs, ending the longest trade dispute in history. Tension surrounding the Boeing Airbus dispute escalated with the US raising import tax on British luxury goods, including cashmere, wool and linen products following the World Trade Organisation ruling that the US could punish European countries for...

BusinessFeatured

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...

RetailFeatured

UK retail prices could rise after Brexit

Ongoing negotiations with the EU could end with higher retail prices for UK consumers and even a reduced availability of goods. Until the UK government comes to a practical agreement, higher costs for shoppers are inevitable. A new report by the British Retail Consortium (BRC) calles for a fair deal for consumers, outlining the retail industry’s...

BusinessFeatured

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...

FashionFeatured

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...

BusinessFeatured

No-deal Brexit could drive cost of Europe-made clothes up 11.5 percent

The cost of clothing made in Europe and being sold in the UK could increase by 11.5 percent if the country crashes out of the EU without a deal later this year, new research suggests. According to personal finance website NimbleFins, the price hike - which could also see EU Footwear prices rise by 4.1 percent - would be due to imports being...

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 “...