The American fashion industry, which imported $96.1 billion worth of apparel and textiles for the year ending July 31 - $31.3 billion from China alone - has a lot at stake in the next president's trade agenda.
The American fashion industry, which imported $96.1 billion worth of apparel and textiles for the year ending July 31 — $31.3 billion from China alone — has a lot at stake in the next president's trade agenda.
Here are some of the industry's key trade issues facing the next administration:
- Negotiating an extension of a three-year apparel quota deal with the Chinese that is set to expire at the end of 2008. The U.S. imposed quotas on 34 categories of apparel and textile imports from China at the beginning of 2006.
- Reinstating a program the Bush administration launched to monitor certain apparel imports from Vietnam to assess whether they are priced unfairly low and whether to impose antidumping duties to offset them. The program expires at the end of President Bush's term.
- Seeking renewal of the president's Trade Promotion Authority, which strips Congress of the ability to amend any free trade deals the president negotiates. The Democratic-controlled Congress, critical of Bush's trade policies, refused to renew his "fast-track" authority this year.
- Accepting countervailing duty cases against imports from nonmarket economies. The Commerce Department reversed a 23-year-old policy this spring and accepted a countervailing duty case on glossy paper imports.
- Investing political capital to move forward on the global trade talks aimed at reducing tariffs across wide swaths of industries around the world. The talks have faltered for years over agriculture subsidies.
- Negotiating new trade deals or trying to push through any existing pacts.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)