Interviews
92% of PRC apparel draw additional punitive tariff: AAFA
01 Jul '20
1 min read
Pic: Shutterstock
Beyond the COVID-19 pandemic, the US-China trade war is a key challenge to the US apparel and footwear sector as despite a Phase One deal, 92 per cent of apparel, 51 per cent of footwear, 68 per cent of home textiles and all travel goods imported to the United States from China still attract an additional punitive tariff of 7.5-25 per cent on top of the already high duties, according to Stephen Lamar, chief executive officer of the American Apparel and Footwear Association (AAFA).
In 2019, the industry paid nearly $20 billion in tariffs to the US government, i.e., about $4 billion more than it did in 2016, before the trade war. These are taxes that could be much better used to invest in supply chains and research and development, or to provide consumers with cost savings, he told Fibre2Fashion in an interview.
The continued threat of additional trade wars with other countries is also top of mind for many executives, Lamar added.
For the full interview, please click here.
In 2019, the industry paid nearly $20 billion in tariffs to the US government, i.e., about $4 billion more than it did in 2016, before the trade war. These are taxes that could be much better used to invest in supply chains and research and development, or to provide consumers with cost savings, he told Fibre2Fashion in an interview.
The continued threat of additional trade wars with other countries is also top of mind for many executives, Lamar added.
For the full interview, please click here.
Fibre2Fashion News Desk (DS)
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