Home / Knowledge / News / Policy / US-China trade war continues to impact textile industry

US-China trade war continues to impact textile industry

12
Feb '21
Pic: Shutterstock
Pic: Shutterstock
The Joe Biden-led new US government is continuing with the Section 301 tariffs on finished apparel and textile imports from China. Tariffs were first imposed by the US in May 2019 to address intellectual property theft and other predatory trade practices by China. Since then, a number of tariffs and counter tariffs were imposed on import of goods.

However, due to the COVID-19 pandemic, the US government gave exclusions on some Chinese products, including textiles and apparel, which have now been extended till March 31, 2021.

Meanwhile, the Chinese government has reduced sliding tariffs on cotton cargoes imported under additional quotas. It has increased the number of products with lower than MFN tariffs and imported under temporary import tariffs from 859 earlier to 883 from January 1, 2021. The lower sliding tariffs would reduce the cost of importing cotton fibre into China, according to Fibre2Fashion's market analysis tool TexPro.

On the other hand, the US residents and businesses have received more than $72 billion in additional tariffs on products after the China 301 tariffs were put into place. It affected the money in the pockets of US residents, less speed of US manufacturing, and decreased competitiveness for American businesses.

Click here to read the complete article on US-China trade tariff impacts on textiles and apparel industry.

Fibre2Fashion News Desk (RKS)


Must ReadView All

Pic: Shutterstock

Textiles | On 1st Mar 2021

AfCFTA rules of origin talks to conclude in June: Egyptian

Talks are currently under way between member states of the African...

Pic: Fraser Group

Retail | On 1st Mar 2021

Frasers Group anticipates £100-mn hit from lockdown

Frasers Group recently said it could take a hit in excess of £100...

Pic: Shutterstock

Retail | On 1st Mar 2021

TJX Companies FY21 sales fall 4% to $32 bn

The TJX Companies, a US-based leading off-price apparel and home...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Great step towards realising end goal of 'AtmaNirbhar Bharat'

Representatives, Textile & apparel industry

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Saket Garg, Garg Corporation

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Fiorella Cattelan,

Fiorella Cattelan

With flexibility and versatility, Dettin strives to meet the specific...

Fabio Grandis,

Fabio Grandis

Italian company Grandis SRL has been operating in the textile industry for ...

Himanshu Fogla,

Himanshu Fogla

Jumac, pioneers in spinning can manufacturing in India, was founded in...

Kevin Nelson, TissueGen

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Joe Ikareth, Joe Ikareth

Joe Ikareth
Joe Ikareth

<b>Joe Ikareth</b> has a rock-solid fashion and textiles background, which ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search