From the White House Rose Garden President Trump announced a baseline tariff of 10% on all imported goods. However, tariffs were set significantly higher on almost 24 countries where there is a US trade deficit, with many of the fashion industry’s biggest production centers amongst them.
Goods from Vietnam, are the second-biggest apparel exporter to the US after China, and they will be subject to a 46% tariff.
Cambodia will have a 49% duty
Bangladesh 37%.
China will be subject to a new 34% tariff on top of the previously announced duties, raising its tariff rate to a whopping 54%.
The EU will be hit with a 20% duty.
THE UK WILL BE A BASELINE 10%
Fashion stocks did plunge in after-hours trading, with lululemon shares dropping over 10%, Nike’s and Ralph Lauren’s falling 7% and PVH Corp. down around 5%.
It is rumored that companies such as Next are looking to open in the USA but why not invest in the production in the UK especially when the new proposed Leicestershire border is a stones throw away.
Now is the time to look at the UK and all that Made in the UK has to offer!
Leicester Made is excellent timing! 14th May at Athena in Leicester. It is THE place to be to source the right ethical manufacturers for today.
Trump’s Tariffs – a positive impact for Made in the UK?
