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.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)