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USFIA joins other industry groups to voice concerns over 301 tariffs

The US Fashion Industry Association (USFIA) has joined other retail and fashion industry groups in voicing its concerns over the pernicious impact of the Section 301 tariffs on both the American fashion industry and American consumers. In a statement the USFIA highlights, these tariffs have negatively impacted the American jobs created by American brands and retailers. They have discouraged America’s most innovative and iconic brands from hiring due to the increased sourcing and production costs. These tariffs have also not encouraged a large-scale shift out of China as companies diversify their sourcing base.

The statement also rebuts the claims that removing these tariffs will hurt U.S. workers and do nothing to fight inflation. It agrees with Janet Yellen, US Treasury Secretary that they will increase domestic prices and raise costs to consumers and businesses due to higher cost inputs.

The US Congressional Budget Office, estimates that the tariffs would cost the average American household nearly $1,300 in 2020 alone. A recent study from the Peterson Institute for International Economics, finds, cutting the Section 301 tariffs would also reduce consumer price index.  

 

 
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