Trade War Effects Fashion Industry

Good or bad for business?

A trade war is a situation in which countries try to damage each other's trade, typically by the imposition of tariffs or quota restrictions.

A tariff is a tax on imports or exports between sovereign states.

China and the United States have been engaged in a trade war through increasing tariffs and other measures since 2018.

September 17, 2018. The US announced its 10% tariff on $200 billion worth of Chinese goods would begin on September 24, 2018, increasing to 25% by the end of the year. They also threatened tariffs on an additional $267 billion worth of imports if China retaliates, which China promptly did on September 18 with 10% tariffs on $60 billion of US imports.

May 5, 2019. Trump stated that the previous tariffs of 10% levied in $200 billion worth of Chinese goods would be raised to 25% on May 10. With notification by USTR, the Federal Register on May 9 published the modification of duty on or after 12:01 a.m. Eastern Time Zone May 10 to 25% for the products of China covered by the September 2018 action.

Can the fashion industry survive a 25% tariff on top of the tariffs that we already pay?

Learn more about Fashion Industry Economics.

What countries benefit?  Possibly Bangladesh, Vietnam, and others.  The fashion industry will alter the supply chain with the goal of maintaining the lowest possible costs.  This might lead buyers out of China and into other countries.

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