International Apparel Federation: "Even if Trump increases tariffs, production facilities will not return to the U.S.!"
On May 12th, South Korean media "Daily News" reported that the International Apparel Federation (IAF) recently stated in a statement that "the U.S. import tariff policy poses a direct threat to the entire industry," and added that "these tariffs create economic instability and threaten the livelihoods of workers and entrepreneurs in the apparel industry."
The IAF welcomed the temporary suspension of the 90-day import tariffs but warned that the apparel industry could not afford the resulting uncertainty. The pandemic, logistics disruptions caused by the Red Sea incident, and continuously declining consumer confidence have dealt a heavy blow to global chain enterprises. The unpredictability of recent trade policies is inhibiting investment, making markets even more unstable, and hindering market recovery. Therefore, the IAF urged efforts to "create a stable and predictable trade environment."
Moreover, the IAF pointed out that "the import tariffs imposed by the U States may lead other countries to increase their tariffs." Most apparel exporting countries do not have domestic purchasing power to significantly increase imports from the U.S. Therefore, it is unrealistic and unreasonable to demand rapid adjustments to trade balances. President Trump promised to make trade balances fair between the U.S. and several other countries through import tariffs, but the IAF stated that "it is impractical for high tariffs to cause large-scale return of apparel manufacturing to the U.S."
Original article: https://www.toutiao.com/article/1831905672776839/
Disclaimer: This article represents only the views of the author.