The European Union will drop a 26 percent retaliatory tax on women’s jeans made in the U.S. to 0.35 percent on May 1.
This move, announced Wednesday by Sandler, Travis & Rosenberg, a Washington-based law firm specializing in Customs and international trade, and confirmed by the European Union, will lower the EU duty rate on such jeans to 12.35 percent a year after it saw a significant increase in an ongoing trade dispute.
The duty rate hike on jeans was part of a continuation of sanctions authorized by the World Trade Organization in retaliation for U.S. noncompliance with a WTO ruling against the Continued Dumping and Subsidy Offset Act of 2000. Commonly referred to as the Byrd Amendment, this law allowed the U.S. to distribute antidumping and countervailing duties collected on foreign-made goods to affected domestic industries. The law was found to violate WTO rules and subsequently repealed, but distributions were allowed to continue for cases initiated prior to the repeal.
In response, the WTO allows each affected country to raise its tariffs on goods imported from the U.S. in direct relation to the amount of antidumping or countervailing duties on goods from that country that were distributed during the previous year. When the amount distributed in 2012 with respect to EU goods spiked, so did the value of U.S. exports the EU could target, prompting Brussels to add women’s jeans to the retaliation list for 2013. However, distributions in 2013 decreased by nearly half of the 2012 amount, resulting in the drastic reduction of the retaliatory tariffs on jeans and other goods.
The action came the same day as President Obama and European leaders, while seeking to present a united front against Russian aggression, reaffirmed their commitment to a U.S.-EU free-trade agreement at a summit in Brussels. They said economic ties between the U.S. and Europe, including the Trans-Atlantic Trade and Investment Partnership that seeks to remove trade barriers between the 28-nation bloc and the U.S., would help show the strong connection and resolve between the Western allies to Russia and others that try to force a wedge between them.
Speaking at a news conference, Obama said, “I’m confident we can actually shape a trade deal” that is acceptable to critics on consumer protections and climate issues. He said those are areas that have long been a cornerstone of his policies. The leaders noted that T-TIP would also provide leverage against Russian attempts to use energy as political ransom.
The U.S. and EU said a comprehensive T-TIP deal will strengthen their economic partnership that already accounts for nearly half of global output and supports $1 trillion in annual two-way trade, almost $4 trillion in total trans-Atlantic investments and 13 million jobs on both sides of the Atlantic. The common goals of the agreement are expanding access to each other’s markets for goods, services, investment and procurement; increasing regulatory compatibility while maintaining the high levels of health, safety, labor and environmental protection, and formulating joint approaches to rules that address global trade challenges of common concern.
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion
@longchamp, which marks its 70th anniversary this year, just opened its biggest U.S. store on Manhattan’s Fifth Avenue. On the lower level there’s a floor-to-ceiling display of the brand’s iconic Le Pliage bag – in all of its different colors, shapes and sizes. Customers can also have their product personalized in-store by imprinting names, initials or emblems. #wwdfashion (📷: @ericmtownsend)
“Whenever I’m in that place of sound and music, I don’t have fear or nervousness…This album has a lot of themes of courage and boldness and I want to be the soundtrack for people’s lives. I’ll be so happy if [my songs] evoke strength in people, which I know music has done for me,” says @kimbramusic of her newest album “Primal Heart.” The New Zealand-born singer sat down with WWD to talk about her music, newest tour and connecting with hear fans — read more on WWD.com #wwdeye (📷: @jilliansollazzo)
Luxury handbag resale company @rebagofficial is planning to sell a rare collectible for $70,000: the @hermes White Crocodile Himalayan Birkin. The exclusive Birkin sold for about $100,000 in 2008, when @davidbeckham bought one for his wife @victoriabeckham to add to her collection. Read more about the rare Birkin on WWD.com #wwdaccessories
With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
Born Barbara Pierce in New York City, Bush served as the 37th first lady, as well as the country’s second lady from 1981 to 1989. In addition to being part of the longest presidential marriage — 73 years — Bush also had the unlikely distinction of having one son, George W., become the 43rd president and another son, Jeb, run unsuccessfully in 2016. Having served as second lady during the Reagan administration’s two terms and lived all over the world during her own husband’s ascending political career, Barbara Bush made it clear that literacy — not fashion — was her priority. Read more from Rosemary Feitelberg’s obituary on the late First Lady in WWD.com, link in bio. #barbarabush #wwdnews
Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)