WASHINGTON — China and Taiwan signed a trade agreement Tuesday that will reduce tariffs for dozens of textile and apparel categories, knitting and sewing machines and hundreds of other products moving between the two countries.
The Economic Cooperation Framework Agreement would tie together two nations with a long history of tensely strained political and economic relations. China’s emergence as a dominant force in global trade and its focus in recent years on creating close alliances with neighbors in the Asia-Pacific region have further complicated the relationship. Taiwanese opposition to forging closer economic ties with China sparked demonstrations in the days leading up to the signing of the agreement.
The accord also could impact trade relations on a global scale if Taiwan and China — which have fought over their sovereignty since civil war and the Communist revolution led by Mao Zedong forced then-President Chiang Kai-shek and his followers to flee to the island of Taiwan in 1949 — operate as a coordinated trading bloc. The Obama administration has indicated the Asia-Pacific region is a top trade priority, has launched negotiations for the Trans-Pacific Partnership and is laying out a timetable to complete a pending trade agreement with South Korea.
The agreement includes an “early harvest list” of products and services that will benefit from tariff and trade-barrier reductions within the first six months. Further tariff reductions on additional products and other trade and investment areas will continue to be discussed as the agreement is gradually implemented, officials told Chinese media. Discussions moving forward will include rules of origin, trade remedies and customs procedures, according to reports.
Two-way trade between Taiwan and China is estimated to be more than $100 billion. China and Taiwan are among the top 10 textile suppliers to the U.S., and China is the largest supplier of both textiles and apparel to the U.S.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty