WASHINGTON — The U.S. and European Union launched free-trade agreement talks here on Monday as the world’s two biggest trading blocs hunkered down to try to overcome long-standing differences to create billions of dollars in new two-way trade.
The Trans-Atlantic Trade and Investment Partnership has major implications for imports and exports of fashion goods. In addition, one new trade dispute involving U.S. jeans makers selling to the European market could create some initial friction as the two sides meet this week. In fact, there had been talk of a postponement following the NSA leaks in the U.S.
“In TTIP, we have the opportunity to accomplish something very significant for our economies, for our relationship and for the global trading system as a whole,” said U.S. Trade Representative Michael Froman. “We have an opportunity to spur growth and to generate significant increases in the already substantial number of jobs supported by trans-Atlantic trade and investment.”
President Obama has said the U.S.-EU relationship is already the largest in the world, amounting to about $1 trillion in annual trade in goods and services, and British Prime Minister David Cameron has said the free-trade deal could add as much as $157 billion to the EU economy, about $126 billion to the U.S. economy and as much as $133 billion to the rest of the world.
But the two sides will confront several thorny issues, including agricultural subsidies on both sides.
“We go into this exercise with eyes wide open,” Froman said. “We know there will be challenges. But we also know that there is strong political will at the highest levels on both sides of the Atlantic determined to stay focused and get this done on one tank of gas. I have every confidence that we can achieve this goal.”
Many apparel brands are also hopeful a trade dispute between the U.S. and EU will be resolved. At the end of April, the EU more than tripled the tariff on U.S.-made women’s and girls’ cotton denim jeans to 38 percent, in retaliation for not resolving a World Trade Organization case the EU won against the U.S. in 2005.
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews