WASHINGTON – China said Friday it would raise tariffs on surging apparel and textile exports, just days after the Bush administration sought to limit imports of Chinese clothing.
Starting June 1 the tariffs will be on 74 categories of apparel and textiles to as much as 12 cents per item, up from 2.4 cents, according to the official Chinese news service.
Export tariffs on women’s cotton overcoats will jump to 48 cents per item from 3.6 cents.
The Bush administration this week proposed new restrictions on seven categories of Chinese goods, representing $1.31 billion worth of imports. In addition, U.S. lawmakers and government officials have been turning up the pressure on China to reform its monetary policy, which they say undervalues its currency and gives China an unfair advantage in global trade.
"[China] would like to so something to ease tension," said Andrew Bernard, professor of international economics for the Tuck School of Business at Dartmouth. "They’re not interested in sort of sniping back and fourth with the U.S."
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
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“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
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