GENEVA — World Trade Organization countries could boost global exports by as much as $314 billion a year if they moved to drop their tariffs — one of the goals being pursued in the current Doha round of trade talks, according to a report...
GENEVA — World Trade Organization countries could boost global exports by as much as $314 billion a year if they moved to drop their tariffs — one of the goals being pursued in the current Doha round of trade talks, according to a report by a United Nations agency.
The study warned that such a move could result in the loss of many textile and apparel jobs in Western Hemisphere countries, with employment migrating to the Far East.
The report by the U.N. Conference on Trade & Development estimated that developing countries may potentially increase export revenues by $175 billion, with China and Hong Kong together seeing a $67 billion gain, representing 11.2 percent of their current exports, and India experiencing a 25.2 percent rise to $16 billion.
For industrialized economies, the study projects export gains of $139 billion with the benefits for the U.S. put at $36 billion, a 5.7 percent gain; the European Union rising $43 billion or 1.6 percent, and Japan up $27 billion or 5.7 percent.
The study notes that on average the weighed tariffs slapped on developing country exports “is twice the average faced by imports from other developed countries.”
However, the benefits are expected to vary from country to country and sector by sector, and the changes could bring economic setbacks such as loss of jobs and decreased wages.
“In some sectors we expect downside risks,” Sam Laird, UNCTAD’s chief of trade research, told reporters.
The tariff cuts are projected to spur large employment gains in some sectors such as textiles and apparel for low-cost producers such as China and India, but would result in large contractions in labor usage in the U.S., Mexico, the EU and Canada.
The projections are based on the ambitious “Swiss Formula,” the most sweeping proposal to date on tariff reductions, which would cut all tariffs in some sectors — including apparel and textiles — eliminate “nuisance tariffs” of 2 percent or less and trim peak tariffs for all countries.
The U.S. first proposed in 2002 the idea of lessening duties on all industrial goods by 2015, though it’s considered politically unrealistic by many developing countries.
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion
Eighty degree temperatures and outdoor installations at the annual Art Basel Miami Beach called for bright, elevated beachwear. See more street style pictures on WWD.com. #theyarewearing #ABMB (📷: @lifeinreverie)
Following September’s emotional tribute to her brother Gianni, Donatella Versace wanted to bring the spring show’s deep sense of intimacy to her @versace_official pre-fall collection. Donatella found inspiration in Versace Palazzo in Milan and from Gianni’s opulent apartment. Archival patterns and new motifs were splashed on silk shirtdresses and fitted jersey frocks. See the rest of the photos on WWD.com. #wwdfashion
Demna Gvasalia continues to shake up the Paris fashion calendar — and experiment with new runway timetables for his @vetements_official brand. WWD has learned that Vetements plans to stage its next coed show for the fall 2018 season on January 19 during Men’s Fashion Week in the French capital. Details about the timing and venue have not been confirmed — stay tuned on WWD.com to catch the latest. #wwdnews (📷: @giovanni_giannoni_photo)
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)