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US textile makers hail President Trump’s tariff enactment

"After opening up trade tariff war with China in recent times, the US textile industry has been witnessing growth waves lately. Aided by Trump’s US-friendly policies, companies are eyeing a fortune in business but it’s said that the industry requirements don’t end here as Michael Woody, CEO, Trans-Tex, a Rhode Island-based maker of lanyards and shoelaces says there is a need to bring in a level playing field and the government needs to put tariffs on end products too that are imported from China. But the other lobby suggests placing duties on finished items is anathema to US retailers and consumer brands that rely on Chinese goods, including $28bn worth of apparel last year, to keep prices low for shoppers. They say levies will only increase price tags, and ultimately cost jobs."

 

US textile makers hail President Trumps tariff enactment 002After opening up trade tariff war with China in recent times, the US textile industry has been witnessing growth waves lately. Aided by Trump’s US-friendly policies, companies are eyeing a fortune in business but it’s said that the industry requirements don’t end here as Michael Woody, CEO, Trans-Tex, a Rhode Island-based maker of lanyards and shoelaces says there is a need to bring in a level playing field and the government needs to put tariffs on end products too that are imported from China. But the other lobby suggests placing duties on finished items is anathema to US retailers and consumer brands that rely on Chinese goods, including $28bn worth of apparel last year, to keep prices low for shoppers. They say levies will only increase price tags, and ultimately cost jobs.

The Trump administration largely avoided hitting consumers in the first round with 25 per cent duties — mostly on machinery that came into effect from July 6, 2018. In return, China imposed retaliatory tariffs on goods from soybeans to electric vehicles (EVs), such as Teslas. The US again reciprocated with a proposal to put 10 per cent levies on $200bn worth of imports that included end products such as handbags, baseball gloves and air conditioners. According to Rick Helfenbein, President, American Apparel & Footwear Association this will not do anything to help American workers, consumers, or businesses. This will result in inflationary costs throughout the supply chain, ultimately to be paid by American consumers.

Textile advantage

More protections against Chinese imports could also boost production in American textile sector, if companiesUS textile makers hail President Trumps tariff enactment 001 are looking for a green shoot, this could be an industry that could benefit. In 2017, the US imported $45bn textile products from China, and exported less than $1bn. That’s a trade gap of about $44bn just for textiles and apparel. Experts says, even a 10 per cent tariff, such as the one the Trump administration proposed recently, would help a company consider matching the Chinese more.

 
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