No sooner said than done: the fashion system is quivering after protectionism has become law. On March 8, Donald Trump’s plans turned into a decree, as he imposed customs duties on steel (25%) and aluminum (10%) import. As we briefly said yesterday, the scenario is far flexible: the White House watches China and the EU still hope that they will get good conditions (they are ready to start trade retaliation otherwise). In the meantime, US fashion system is quivering. While talking to Footwear News, Steve Lamar (vice-President of APFA, American Apparel & Footwear Association), fears revenge: “The other countries will adopt countermeasures and might retaliate against US brands – he points out -. Any time someone imposes customs duties, he must be prepared to side effects: we ourselves are causing this damage”. Matt Priest, president and chief executive officer of FDRA (Footwear Distributors & Retailers of America), speaks out pretty much the same: “As regards exports towards Europe, we are not that involved – he says -. However, should Trump decide to raise duties on goods import from China, consequences would be ruinous”.
US fashion system quivers after duties imposed by Trump: “They are an own goal, their effect might be potentially ruinous”
